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<p>[QUOTE=&quot;beef1020, post: 1674150, member: 24544&quot;]Or watch one of those Mecum car auctions on TV, or the chasing classic cars when he tries to auction.&nbsp; You can sometimes see the behind the scenes stuff where the auction house is bidding against a floor bidder to try to reach a price point where the seller will pull the reserve price.&nbsp; People complain about ebay all the time, but it&#039;s a true second-price auction system.</p><p><br /></p><p>One other point about how auction houses operate regarding using their auction records as a price guide.&nbsp; Keep this in mind when you see auction results,&nbsp; not all auction results are created equal.&nbsp; Another issue with auction results, suppose you have an auction with 300 large cents, of which maybe 10 pieces are really nice, either rare varieties or really nice condition.&nbsp; It&#039;s pretty much guaranteed that the last one of those 10 lots will have an inflated hammer price as all the serious buyers compete for the last &#039;good&#039; coin.[/QUOTE]</p><p><br /></p>

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