Posted By:
Jason Land now I have to go to the doctor for various maladies which have flared up.
Peter,
please re-phrase all of your questions, and then directly state which part you are tying in to formal Game Theory.
If you are simply wondering why buyers and sellers both pay ridiculous amounts to a 3rd party to transact a sale for them, well, as far as I can figure:
-prestige
-ego (very similar to prestige)
-hope for higher realized value
-fun of making it an event
-competitive thrills of bidding process
-desire to escape financial and legal responsibilities of transaction
Now, after listing it out like that, (and making a large assumption that you agree with those items), a more funner project would be to see what percentage share of the premiums are assigned to each one!!! 
Just for the record, every part of every one of my days is extremely exciting and rewarding at work (even in this bleeding market), so if any high net worth folk here want me to manage their money for them, shoot me an email!