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| At one auction I attended his quote was :
"If you are not one hundred percent satisfied with your auction purchase then you can just keep it anyway".
Translation: If you take a chance on something and it turns out to be a dud after you got it home, you can let it sit around for years until you finally have your own auction, and get a chance to foist it on someone else.
The guys who studied the underlying economics of this principle actually won the Nobel Prize:
http://en.wikipedia.org/wiki/Market_for_lemons | |
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Are auctioneers liable .?
