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Posted By: Anonymous

The Sotheby's auctioneer started the contract at around $35-40K. She would state "The bid is with me at $40,000". "With me" means the auctioneer bidding on behalf of the seller to the reserve. "In the book" means an absentee bidder is winning. She would continue the bidding incrementally up to the last increment before the reserve, always stating "With me". On many lots, someone would jump in, either on the floor or on the phone, and get the lot at the reserve. Still, a number of lots passed.