Quote:
Originally Posted by Peter_Spaeth
Ed, suppose after the conclusion of an auction all max bids became known. Are those a better indicator of "market value" than the actual sale price? After all, they reflect what someone was "willing" to pay?
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Interesting concept. That maximum bid does reflect what the buyer would be willing to pay. Very little different than if he saw it on a dealer's table or on a website. So, in most cases, it would be a truer indicator of market value. Observe the important concept-there is no need for a third party (the underbidder). An arms length transaction between a buyer and a seller should be sufficient to establish a market value.