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Where do you see the auction market headed?

What we're seeing is a migration of all asset classes of real estate moving into our auction platform. It's a systemic change, where the power of the Internet, coupled with the auction platform, is a powerful tool. The transparency results in higher pricing and more business. We have over 135 institutional owners looking to sell assets. It's hard to compete with the broad distribution of the Internet. When people think of the auction platform, there are two main points. One is that people are Dust Bowl depressed. The other is Van Gogh paintings at Sotheby's. If you have a nice piece of art, the last thing you do is hire a broker. You go to an auction. We're getting more high-end properties, especially with multifamily. Lodging is a very hot area. With the economic downturn, some feel there is more operational upside. We have also seen spectacular demand for office and retail.

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