The point is, we don't have to worry about what feels right when we have the ability to implement a computerized auction and maximize the wealth we extract from

The point is, we don't have to worry about what feels right when we have the ability to implement a computerized auction and maximize the wealth we extract from these people in the first place. I agree with OP. I'm betting if you have an open auction, 25k would come in on the low side.