Ann: Kobe Auction Result and March Quarter Sales Update, page-15

From the report:


"....the Company formed the view that the prices submitted did not reflect the true worth of the goods being offered. The Company therefore chose to accept bids for only 68,786 pearls at an average price of $68.60 per piece for total revenue of $4.66m. ..."

"...this may result in the Company not selling as many pearls in FY24 as originally planned but the inventories of products available for sale will increase and carry over into the next financial year. The Company plans to sell more products into other sales channels to maximise their value and build sales volume outside the auction mechanism ... "

Sounds like a good strategy to me.

Psychologists call this "delayed gratification".