There is often confusion that the winner's curse applies to the winners of all auctions. However, it is worth repeating here that for auctions with private value (i.e. when the item is desired independent of its value in the market), winner's curse does not arise. Similarly, there may be occasions when the "average" bid is too low relative to exterior market conditions e.g. a dealer recognizing an antique or other collectible as highly saleable elsewhere when other bidders do not have the necessary expertise.