[Turk]

Karl,
That is kind a my point too. Auctions go to great exteremes to bring in the right buyers. That makes or breaks the auction.

Believe it or not, I will get my transportaion and hotels, and all travel expenses paid by many auctions I elect to attend. Gifts, transportation assistance,meals you name it.
The reason is, if I am there or someone like me is there we make a lot of difference. It is not the cars I bought it is those I bid on and backed of and allowed someone else to pay "too much" is what makes the auction.
If I end up buying 25-40 cars at an auction, I probably bid on 100 or more. besised paying "too much" on those I bought, I oprobably help raise their take $150,00 or more on those I didn't even buy. All this on cars selling $15,000 to $25,000 range.


All of the above is to establish a price "TODAY" on the sale day. They could care less, for the short or the long term volatility of anything.

Down deep inside they probably hope the guy who paid $400,000 kicks himself and takes it back to sell it. Hoping to get $400,000 or more.

If the person bidding against him does not show up, he is liable to get no more than $200,000. If THAT.

So what did the auction do? They help establish the value TODAY. That is the price. Period.

B.J does a hell of a job of promoting their event. To get it televised and have people talk about it, and get all this publicity is what makes it what it is..