Posted By:
JimBDave,
That is not what I meant, but it may be a factor. I was thinking about other auction houses where let's say I have bid $1000 on an item that I think is worth $1400. I am sitting on the siding waiting aand watching. While I am watching bids (on the internet - not a live auction), I see that it is bid up to $1600 by at least two other bidders going at it. No I may decide to place one more bid at $1700 with knowlege that at least two other real people are right under me, so I am not out of the ballpark in going for it at that price (since it is a tough card that I really want). So my consideration of value is based in part on what others are bidding as well. That does not imply ignorance or willingness to do whatever it takes because I have limitless money. It just is one factor that can be added to the consideration equation if I choose. But that cannot be added if the auction house engages in book bidding which can be deceptive in such a situation.
JimB