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In the Fifth Anniversary auction, fewer than 1% of the items in the auction received bids after 3AM. But in the case of those items, bidding was spirited well into the wee hours. A hard close would have severely hurt the consignors of those pieces. Tens of thousands of dollars were bid on those items in late bidding.
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And if the bidding had ended at an earlier time--with these and all bidders told in advance of the earlier ending--you have concluded the "spirited bidding" involving tens of thousands of dollars would not have occurred?
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If we are to have another contest in the near future of our national existence, I predict that the dividing line will not be Mason and Dixon's but between patriotism and intelligence on the one side, and superstition, ambition and ignorance on the other. - Ulysses S. Grant, military commander, 18th US President.
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