I completely agree. There are a few reasons why cars go to these kinds of auctions IMO - in order of most common to least common:
1) The car is a dog. Or hiding something that wouldn't be acceptable through private sale.
2) Trade seller took it in part ex and needs to shift. Doesn't suit their business to sell themselves.
3) Probate sale. Family just need to shift the asset.
4) Vendor is rich, and just wants to shift the car. The soft auction price easily offsets the time and energy required to sell privately
5) The car is incredibly rare, and auction is the best way to maximise the value by setting off a bidding war.
So trying to ascertain which of these categories it is is part of @jep's 10% skill quotient!
What you really want is number 3 (especially if cherished), but 2 and 4 are fine too. Unfortunately most are number 1.
@superdavelotus By the way, which Esprit V8 GT did you get? The red one or the silver one? (I just took the liberty of looking at their past results - both cars presented well TBH!)