1 Sotheby's stated categorically yesterday that the under-bidder had no association with the company.

2 The new underbidder stands to lose 99 cents.

3 The auction house would be unlikely to sue him for breach of contract and in such cases usually turns to the underbidder to take the items.

4 They feel reassured by the auction houses' sophisticated marketing, global networks and glossy catalogues, and by the presence of an underbidder who is willing to pay a similar price.

5 Soon the highest bid will be 99 cents with the underbidder at 98 cents.