As you know, it often happens that an auction item fails to reach the reserve price, so this is not a complete answer to the question of the fair value. The auction is also not objective. The result depends on who attends, where and when it is held, the skill of the auctioneer, and many other factors.
So while it is accurate to say we are in the expansion phase of the cycle in terms of economic activity, we remain in the recovery phase of the cycle in terms of aggregate employment. In June, the Federal Reserve released its most recent Summary of Economic Projections (SEP) for GDP, the unemployment rate, inflation, and the federal funds rate.