Posted By:
Paul SHoward, the "reasoning" I have read by some on this board about a buyer getting a piece at below market value is something to the effect that, "Well, I've spent a lot of time and effort gaining knowledge of the subject and prices and therefore I deserve to be rewarded for that." Not saying if I agree with it or not, that's just how I've understood it.
So...which auction did I overlook that we are referring to? 
*edited twice, for double word typo and spelling.