I think it's a good way to discover the market price of a rare/unique item. If I ever sell my Heuer, I'm sure I'd benefit from following this idea. I think it may have a bit more cred if the current bid price was indicated. Maybe not by replies from bidders, but by updates from the seller - keep the bidder anonymous but let others see where it is. Also, it might add a little confidence to those who think this idea is a bad idea.

: So how do others react to this "informal auction"
: approach?