Live From Sothebys

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Posted By: Corey R. Shanus

So what you're saying is that if book bidding to protect the reserve is outlawed, Mr. and Mrs. Hedge Fund will feel the auction process, being now more transparent and less manipulative, will not generate an exceedingly fair enough price for their magnificent works of art, and they therefore will choose not to sell. They will then become very unhappy and, through use of their financial power, take their wrath out on New York City, financial capital of America as well as home to the world's largest auction houses, thus resulting in a nation-wide recession/depression.