This action is on TV therefore it can be used for marketing(a tax right off). Anyone thinking their going to buy something for nothing has another coming. I'm sure if the item is low balled, its being bought by the same group that is selling it. The poor guy who tries to sell his item in any auction better beware of how it works. These guys play hardball.
Unfortunately this tactic does very little to help the marketplace. Now I'm sure your wondering how this a could be? Well the auction house gets a buyer and sellers fee the transaction on TV. Now that sounds like everyone should be happy right. Not if you actually let someone steal your item while at the action it should be obvious who is going to be unhappy. I love to see someone get a new boat, but if it changes hands the price won't be a steal. Now if a bank owns it which I doubt they could care less.