The Real Deal New York

From the June issue: While the auction gavel has made its way onto the real estate scene in
the New York area in recent weeks, not everyone is sold on the idea of
putting properties up for bid. Those who run auctions have, of course, very publicly touted them
as a way to get property moving in a market where transactions seem to
be stuck in quicksand. But the question remains: Do auctions really work for high-end
properties, or other properties that are not in distress? Or do they
simply set an artificial floor for prices and depress surrounding
property values?