New lawsuit accuses PWCC of massive shill bidding

[edhans]

Originally Posted by Peter_Spaeth

Ed, suppose after the conclusion of an auction all max bids became known. Are those a better indicator of "market value" than the actual sale price? After all, they reflect what someone was "willing" to pay?

Interesting concept. That maximum bid does reflect what the buyer would be willing to pay. Very little different than if he saw it on a dealer's table or on a website. So, in most cases, it would be a truer indicator of market value. Observe the important concept-there is no need for a third party (the underbidder). An arms length transaction between a buyer and a seller should be sufficient to establish a market value.