Reply to "Second chance offer - anyone clued up on this?"

boswellMember

OK, I knew there would be a bit of flak, and I can see my example is a bit pathetic.

Is it different if something is hanging around at $10, and I am willing to pay, say $400 (it does happen) and I bid via AS.

Someone comes and gets it for $440 (or whatever). We're the only bidders. I'm the underbidder. Buyer then disappears. I'm offered it for $400.

I know I've got the choice, but my choice would be to walk away.

I'm willing to pay the market price, but would be naive to pay it in these circumstances.

This offer at the underbid price wouldn't happen at Sotheby's, Swann, etc. - the underbidding buyer would just laugh.

4/15/069:53 AM

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