A few years ago, at a high-brow automobile auction in Monterey, California, I watch as two guys slugged it out to purchase a fairly common car (early 1960's Ford, with pretty paint job) that should have sold in the $12,000 to $15,000 range. In an auction where several cars would sell for over $1.0 million, this car was almost a play-thing or trinket that someone would take home, just for fun.

Both guys clearly wanted to win this one; the mood in the room was good; the bidding on previous auctions had been spirited; the economy was good. As the bidding topped the $25,000 mark, I remember what the auctioneer said: "Gentlemen, it's not about "value" . . . we passed that number about $10,000 ago. This is about winning!!". Inspired by this pep-talk, the two guys swapped a few more bids, and the winner went home with his $30,000 souvenir.

As others point out, it's difficult to determine whether a particular auction is for real (or rigged); it is also difficult to understand what some people will pay when they really want something or really want to "win".

Jeff