Auctions can be funny. It depends on lots of variables, time and place, weather and the date. I am guessing that holding it on a long weekend likely contributed to a less than stellar showing of interested parties. On the other hand, I have attended auctions when the weather was crappy expecting to see a small crowd but then everyone showed up!
The last really big auction of military related items was at John Adamiaks' about 10 years ago. Everyone was there but there were plenty of good deals to be had anyway. I suppose the collector crowd kept the prices in line with reality.
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