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hankronRoy, you don't understand what is libel. For example, if someone made the honest mistake of saying you owned AAA when you do not, that by definition is not libel.
I do, however, agree that bidders have to be dim bulbs to not figure out what is being offered. It shouldn't require consultation with a Louvre curator to figure out what is a "paper cutout with partial ad or article on back."
Last, ethical behavior is not what you can get away with. Ethical behavior is doing the right thing, even when no one would find out if you didn't.