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Posted By: Jay

Sometimes what intuitively seems correct proves to be wrong. I would be very surprised if this study was not academically sound. One reason why a higher opening bid might lead to a more favorable result for a consignor is that the opening bid conveys a message from the auctioneer to the bidder as to the auctioneer's valuation of the material. The valuation of cards or memorabilia is not an exact science; IMHO this message is a significant determinant of the final result.