Doesn't your linked article explicitly say overbidding is going on? But yep funnily enough the second highest bid would have generated a half decent return. Th

Doesn't your linked article explicitly say overbidding is going on? But yep funnily enough the second highest bid would have generated a half decent return. The winners overbid because it was competitive, and they didn't feel smart when they found out how much higher they'd bid. It's worth asking anyone who spent time bidding on these things. No one will tell you it's easy money or that there is underbidding going on.