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The high prices amazed many of the more knowledgeable buyers in the audience.
Knowledgeable buyers and frequent use lead to constant evaluation of tangible product characteristics.
"It was the biggest name, the last name that was synonymous with music, commitment, catalogue and knowledgeable buyers.
The rule of caveat emptor or buyer beware, is generally well-founded when it comes to transactions involving well-informed and knowledgeable buyers and sellers.
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The knowledgeable buyer, having just banked $250,000 from Sotheby's, is always quoted as saying "the guy just didn't know what he had".
As Jean-Marie Eveillard, the lead manager of First Eagle, the five-fund value boutique, explained, "We are trying to figure out what a somewhat knowledgeable buyer expecting a reasonable return would be willing to pay in cash -- no paper, please -- for the entire business".
Warren Buffett has always followed an intrinsic value approach: one in which a security is deemed to be attractive based on the relationship between its price and the value that a knowledgeable buyer would pay for the whole business.
He says his reputation as a knowledgeable buyer brings sellers to his door.
RISKS Wealthy, but not necessarily knowledgeable, watch buyers face various risks.
The United States Department of Agriculture says 70percentt, some knowledgeable cattle buyers say 63percentt, and the British government's studies say 53percentt.
Asked on Wednesday evening whether she had received any bids, Ms. Czibor said she had not, adding that knowledgeable eBay buyers tended to wait for the last minute to bid.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com