Yes, good point, but it was the second high bid that determined the sale price - and I think (s)he and I knew the fair "collector price", and I was prepared to go even a bit higher. When the estimate is closer to true value of the coin, it does not prompt me to still bid multiples of the HIGHER price. Overall, I think the lower estimates catch interest initially and make a bidder feel like he's going to come through with a win at a relatively higher percentage price. I know as the relative estimate rises - and I have seen this on occasion as well - that my bids are much closer to estimate and I take the loss rather than go very high.