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#11
06-08-2007, 12:20 AM
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Live From Sothebys
Posted By: davidcycleback
When someone bids in an auction and there are competing bids, the bidder is working under the assumption that one or more people are valuating the item similarly. This is part of how he valuates the lot-- that other agree the lot is worth something. He would likely lower the valuation if he discovered the lot was less popular bidding made it appear. 
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