[Turk]

If the prices paid in an auction is NOT the market, what is "market" then?

I buy aproximately 500 or more cars a year at the auctions. Many times I have an idea what a car should sell for, and go prepared to pay that much and nothing more.

Guess what? 15 20 minutes into the auction other buyers and their bidding dictates the market to be different than what I thought it ought to be. Then I have a choice to buy or not to buy. Even if I don't buy a car and walk away shaking my head, it doesn't change the fact that , THAT IS THE CURRENT MARKET " value for those cars, whether I like it or not.

TURK