Trout v. Legendary cards

[benjulmag]

While the card may have been hammered down at $3.2M, we have no idea how deep the market is, or even if there was more than one bidder above $1M. Here is how the auction rules read:

Minimum Bids and Reserves: Every lot within the auction does have a minimum bid designated in both the catalog as well as online. A reserve price is a minimum bid below which the lot will not be sold. Accordingly, if the reserve price is not met at the conclusion of the auction, the lot will not be sold. Reserve bid prices are not publicly available and will not be published, except that two days prior to the auction close, any item with an unmet reserve will be annotated with “Reserve Not Met” in the online bidding. Reserve bids are available to the House and the House may, at its discretion, confidentially place reserve bids and set "up to" bids where the next bid in succession would hit the reserve price. No reserve price bids placed by the House will be executed at a level greater than one bid below the actual reserve. Any lot that had an unmet reserve at the conclusion of the auction will show as a "pass" in the online catalog.[/B][/B]

For all we know the reserve was the next bid above $3M and the auction house put in the $3M bid.

The card is a 1/1 based on a contrived scarcity. The next version of this card, which has twenty-five known copies, is identical in all material respects except for the color/type of border. So that adds over $3M in value?

Let's just say I'm a bit skeptical about what is going on here.