What's the logic behind hiding the reserve?

alanint · 02-25-2009, 04:36 PM

An old auctioneer once told me essentially the same thing; An object's market value at any auction is what the second highest bidder was willing to pay. I.E., at least TWO people thought the object was worth X, so this is the item's accepted value for that given place and time, (and high profile auctions often set the object's generally accepted market value after the fact).

02-25-2009, 04:36 PM	#18
alanint User Join Date: Mar 2008 Location: Marco Island, Florida Posts: 4,867 Thanks: 1,685 Thanked 1,917 Times in 1,193 Posts	An old auctioneer once told me essentially the same thing; An object's market value at any auction is what the second highest bidder was willing to pay. I.E., at least TWO people thought the object was worth X, so this is the item's accepted value for that given place and time, (and high profile auctions often set the object's generally accepted market value after the fact).