ATP - General Discussion, page-223

Good points. I am skeptical of other sales channels. Auction is the most democratic and reflects the true market demand/pricing on a wholesale level coupled with solid cash flow. By historical standards, yes, pricing is still high. But how many bids are being placed? What is the second bid and how far below the first? The general market is cash rich (just as ATP is cash rich), which means there will always be one top bidder who might still pay near the last auction price since it's a "buying event." But in a downward trend, I am assuming many dealers are staying out to see where the pricing stabilises. Either way, we will see how it goes--it helps everyone when prices are higher, but ultimately the market will decide how high is too high.