I really enjoyed your audio comments on the Japanese fish market. You really captured it well.
This reminded me of the time our family had to auction off 2 paintings from a relative’s estate. As you might imagine, within the family there was a tremendous controversy about the “true” value of these paintings. Well, in the end, all the people with stubborn opinions stayed away, but only myself and my mother went to the art auction to represent the estate.
I had never been to a serious-level art auction before and it was truly fascinating. They were auctioning off everything from obscure low-value art, up to Picasso works. There were people in the room from all over the world, I could hear French, Spanish, Portuguese, and many more languages being spoken, and there were telephone links all over the world as well. The auctioneer was serious and attentive, but he kept up a good steady pace, and the auction moved along well, since there were more than 200 items to sell (if I remember correctly).
The auctioning of the Picasso amazed me more than anything else, since there was nothing remarkable about the procedure for this painting versus any unknown or obscure artist. The bidding simply determined the price just like any other object.
Keep up your good work on documenting these issues in markets and finance!!
Best wishes, Marc