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MattJoe - I hear what you are saying; you are supposing that the catalog will bring in more bidders and higher prices and that will cover the cost of its creation. That's a compelling argument, but Scott and Leon have suggested that their clientele will be the same as it would be for a printed catalog auction. If that is the case, your supposition is incorrect, as the printing of the catalog would not bieng in any high prices and would therefore directly have to come from the profits.