The government markets will always be willing to pay more because money is free to them. In general, the financially motivated criminal black markets would probably be willing to pay less (if hackers use an exploit to steal $250m from Apple users, that probably hurts Apple by more than $250m). However, a $250m bug bounty is hard for Apple to pay, because the harm is hard to quantify, so they generally don't, leaving the criminals to pay $1m for it.
Figures like that IMHO indicate that the black market doesn't sell the exploit to teams doing financial fraud (it doesn't pay back that much) but that instead they act as resellers / auction houses for nation states stockpiling cyberweapons.
