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The auctioneer knowingly keeping a secret that could cause a downturn in the market once discovered and publicized in years and in the meantime keeping a giant client sounds very rational.

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Auctioneers would simply have a standard practice with respect to disclosure to protect their reputation, not keeping secrets. I know of none that advertise that they use a computer to verify the mileage/hours on equipment - if one did I am sure they would advertise it and be religious about its execution.

It's a short-term optimisation which severely discounts future reputational and legal costs and consequences.

Though, yes, reality tends to be messier than economist's idealised models.

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