Perhaps 'Almost' is key word- for good reason! At least: Auctioneer has unlimited access to item pre sale, others not. Auctioneer adversities, represents , and displays sellers item as he sees fit. Buyers have no such control. Hypothetical: Auctioneer displays poorly running tractor. Other bidders (that is us 'arms-length' guys) bid up item to a price they feel is fairly justified by real time presentation of tractor. Auctioneer , before dropping hammer, outbids last 'arm-length' guy, and wins item. How is / are the Seller or Arms-length bidders expected to be confident that the tractor was correctly displaced, represented, et cetera? Simple principle- auction price IS real fair market price of auctioned item fairly represented and bid on in real time by arms length potential buyers. Logically, if auctioneer out bids same he must 1- be a fool, or 2- know something the other bidders can not. In this hypothetical- maybe the fuel filter is a bit restricted. Simple-cheap fix! Maybe the Print sold was really hand sighed somewhere under the frame, where the 'Arms length guys are unwilling or unable to inspect. Lastly, if the auctioneer honestly wants to protect the Seller, he is free to set up a Reserve Price with the seller. I say again: Auctioneer represents himself and Seller. Any Sellers agent bidding is Straw. Auction price should be bonefied real time fair market price. Only a fool outbids a fair market. If not really a fair market price than auction was improperly conducted (example- poor advertising), a manipulated (example- a Crook or Straw bidder)
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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