1.12. An antique dealer regularly buys objects at hometown auctions whose bidders are limited to other dealers. Most of her successful bids turn out to be financially worthwhile because she is able to resell the antiques for a profit. On occasion, however, she travels to a nearby town to bid in an auction that is open to the public. She often finds that on the rare occasions in which she does bid successfully, she is disappointed—the antique cannot be sold at a profit. Can you explain the difference in her success between the two sets of circumstances?