JR: That is truly stunning. ...I know you would never make a purchase based just on a photo and will either have seen the fish yourself or have a dealer/someone involved "on the ground" who can be relied upon to eye the fish. For all those who do buy based just on a photo, I think this photo is very instructive! It is so clear and the lighting gentle enough that the quality of the Sumi shows well. So often photos will have overly bright light that creates a sort of glare that makes whites look whiter than any koi has ever possessed. Such photos cannot be trusted. The quality of red is very hard to tell in photos. The glisten in the Hi of this Showa is a very positive sign. That sort of Hi is not seen in your everyday Showa!! But, based just on the photo I could not buy this fish because of the head. The head is not symetrical and the eyes are not level with one another. It is very, very likely just the angle of the photo and the position of the body at the instant the photo was snapped. But, nobody should assume the photo is not disclosing flaws. It should be assumed every "off" aspect is even worse in person until proven otherwise. So, how can the koikeeper a thousand miles from a dealer protect themselves? ...There is no 100% certain way. There are things that can be done to reduce the potential for disappointment. First, get additional photos, including the "bad shots" not normally sent over the internet. If the seller says there are no other photos, ask him to take some. It really can be a hassle for some dealers to catch & bowl fish in their holding facilities... they're not designed for selling/displaying. If the fish is priced under $1,000+ they may well decline unless you are a regular customer or they have nothing else to do. But it doesn't hurt to ask. Better, have someone with reliable eyes on the ground with the fish check it out and tell you what they see (and they can take photos too.) I don't mean to suggest there is anything wrong with the Showa JR posted. To the contrary, it is an impressive fish. I'm just pointing out to those who have to purchase without personally viewing a koi that if you are relying on a photo don't assume the fish is better than exactly what is shown...assume it is worse.
Koiczar: I firmly believe the value of a koi is a matter of personal opinion. I do not think any koi sells for more than what someone thought it was worth at the time. Of course, if one assumes an auction has a representative sample of the universe of potential purchasers participating, then by definition the high bidder on every item has paid more than market value ... since the only person to whom it could be re-sold is the next lower bidder.

So, I guess the high bidder overpaid $10 compared to the second highest bidder?