1) I understand this aspect. What I am talking about is how we go up to that value in the first place, which is heavily favorable to seller/auction house via reserve setting. And apparently lots sell after auction if that reserve isn't met, so sometimes the highest bid is not exactly that lower price. 2) You are right when referring to the specific car being sold. But when dealing with a car such as a 330GTC, instead of a much rarer car - say the SWB Comp - the price set at auction has a direct effect on the prices of other cars for sale privately. And even a no-sale price will have an effect on market values for that model, because dealers pay attention to the max bid for a car, whether it sells or not, to adjust values of the cars of that model they may have for sale. That's one important reason why we see Dino prices rising both privately and at auction, for instance.