The flip side of this is that, considered vs. a fixed price that we assume the buyer saw and thinks is a bit high, the buyer might be willing to risk paying more at auction to acquire the chance to pay less.
I also think there is an element of people getting excited about owning a particular when they follow an auction for days (or weeks) where the current bid is well below market, something that is missing when looking at a card at full price. I don't know that this is the fun of the chase as much as it is that the person develops a longer relationship with a card they are bidding on while a card with a price on it is a pretty short time to pass/buy without days/weeks thinking about that exact card.
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