I smell Hustle and scam before it is even designed. Trust me, 20+ years in the music game will teach you who is BS and who is not. This is shady gambling at its finest. I am glad you bring up thoroughbred auctions to make scamming more classy! My uncle was in the thoroughbred circuit, years ago. Yes he did study the market, and also got tips from people on the inside to help him bid and bet on the right horses. So, regardless you can't make cheating people a classy practice. I guess that is what you are trying to say right? This is another form of high class bidding?
I saw some poor sucker by roaches for to dang high, and the auction end still didn't deliver. I am also saying the bidding thing started to leak into places where it does not need to be. Facebook, not a great idea,that is the scam artist paradise.
Just like drug dealers give people a taste they get addicted then they mess up peoples lives. It can become very addictive once you let them win a couple times right? No matter how you look at it is a scam. Ok, lets call it a classy scam.