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The same thing happens at a regular live auction. I guess it is psychological relating to competition. No one wants to lose and it gets the best of them. A case in point: Several years ago, my step father and I went to an auction of a large regional computer chain store that had decided to close their doors. People were paying way over retail prices for most of the stuff being auctioned (computer systems, software, etc). I think it was during the Windows 95 era and they were paying $125 for it, when you could (at that time) go anywhere else and buy it for $50-75.
It was funny, because several of us that knew what was happening were actually laughing loudly each time someone bought one. The auctioneers were getting a little miffed....
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Shane
- 1984 928S
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