It means "below the lower range of valuations, but what choice do you have?"
http://www.theaustralian.com.au/news/executive-lifestyle/not-much-fair-or-reasonable/story-e6frga06-1111114123472
Interesting paragraph:
"...50 per cent of bids are upped following not fair and reasonable opinions, but only 14per cent following fair and reasonable' opinions."
Does anyone know the lower estimate?
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