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... still quite conservative when bidding, so not only was it lower than the base price, it only had increments of one or two million. The further it went on, the range of increment reduced too, especially after the bid had crossed the base price of $ 30 million as everyone started to bid more cautiously.


The reason for the slow climb was because if the bid went past the base price, it meant that the bidder might suffer a loss compared to the actual item value.


Of course, be ...

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