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Chapter 59 - House and Bids

"There's no guarantee your item's even going to reach the fair market value as an auctioneer" started Johnny.

"Explain"

"You remember what I said about the Fugazi? They're playing it too. Only more discreetly. I assume you don't know what a reserve price is?" Johnny asked. Benjamin only glared, at him, trying to avoid the shame of shaking his head to agree.

"Okay Okay" continued Johnny "Basically, the reserve price is the actual price the seller's willing to sell for."

"The Seller?"

"Yes. The Seller. Not the Auction House. The actual owners of the property. You see, what happens is, when they approach these auction houses, both parties agree on the minimum price the item's going to be sold for."

"You mean the starting price?"asked Benjamin.

"Of course not! The starting price has to be cheaper than the reserve to attract bidding. Remember, it's 40% of the Fair Market Value. Totally different."

"I see." Benjamin furrowed his eyebrows. "And let me guess, the reserve price is going to
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