It's a long, complicated story, that could be told by a team of economists and psychologists, but live auctions at the major auction houses are "different".

Whether it's adrenalin, alcohol, pride, machismo, conspicuous consumption, or the thrill of beating someone, we are seeing that people pay more at live auctions by the major auction houses (and even at the local auction houses).

Put this one on ebay, and perhaps it struggles to reach $10,000 . . . two years ago, it would have been $3,000, on ebay.

Jeff

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: ...the motivation to pay $30K for that example in an auction when
: Matthew Bain currently has a much better example for 10%
: cheaper.