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The narrator had been a safe contributor at the auction, as  (i) there were bidders quoting higher prices 

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The narrator had been a safe contributor at the auction, as 

(i) there were bidders quoting higher prices 

(ii) he had a sound financial background 

(iii) his friend had lent him money 

(iv) he did not make any bidding

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(i) there were bidders quoting higher prices

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