Yerushalmi Ketubot 11:6 ירושלמי כתובות י״א:ו׳

MISHNAH: If the judges estimated one sixth too little or too much, their sale is invalid¹⁰³Since any overcharging of at least one sixth empowers the injured party to annul the transaction.. Rabban Simeon ben Gamliel says, their sale is valid¹⁰⁴If they followed the rules of public sales detailed in Tractate Arakhin.; otherwise, what is the court’s power worth? But if they offered public tender¹⁰⁵They made a written public announcement of a public sale and invited tenders and then sold to the highest bidder. The actual bids received are the best estimate of the value of real estate and override expert testimony as to the intrinsic value of the land.
Following Rashi, אִיגֶּרֶת בִּיקּוּרֶת is a circular inviting people to visit (בִּיקּוּר) the property and make their offers., even if they sold either the worth of a mina for 200 or the worth of 200 for a mina, their sale is valid.

HALAKHAH: “If the judges estimated one sixth too little or too much,” etc. As you say for a private person, in real estate up to one third¹⁰⁶R. Joḥanan was reported to say in Halakhah 4 that in real estate the deviation must be 100%. This is interpreted here to mean than the overcharge cannot be more than 100% of the undercharge, 150% vs. 50%, giving a ratio of 3 to 1 (Pnei Mosheh).., in movables up to one sixth⁸⁰Lev. 25:14: “If you sell a sale to you neighbor or buy from your neighbor’s hand, do not overcharge one another.” Rabbinic interpretation holds that an overcharge of a sixth, 16²/₃%, entitles the injured party to rescind the transaction.. And similarly, for Temple property, in real estate up to one sixth, in movables up to [one in] twelve¹⁰⁷For redemption of property dedicated to the Temple, all terms are halved or doubled to the advantage of the Temple as exemplified in the Mishnah, next Note.. There¹⁰⁸Arakhin 6:1; cf. Tosephta Ketubot 11:3., we have stated: “The estimation for orphans is thirty days, the estimation for Temple property sixty days, and one publicly announces mornings and evenings¹⁰⁹The court’s herald announces the sale twice daily in public..” And why thirty? In order to empower the orphans. Why should they not announce longer? Up to thirty days you empower the orphans, more than that you diminish their power¹¹⁰In less than 30 days one is not sure that all potential buyers hear of the sale; a shorter period would diminish the number of bidders. If the process is drawn out too long, people lose interest and one diminishes the number of buyers.. Why do you not say that for Temple property? Temple property is different because each offer made is firm¹¹¹Each offer made to the Temple administration obliges the bidder to act on his bid until he is notified that he was released from his obligation because a higher bid was accepted. The Temple does not have to worry that it would lose bidders in a drawn out process.. Then they should announce forever! If suffices for the Temple that it should be twice that of a private person. Rebbi Yudan said, since you say that Temple property is different because each offer made is firm, this implies that if they find their estimation they do not continue but close the deal¹¹²If the administration had decided on an adequate price, the first bidder meeting this price can immediately be given possession and the public announcements stopped, since the Temple will get its full price. The sixty day period is a possibility, not a necessity..

“And one announces mornings and evenings,” at the time when [agricultural] workers go out or come back, and he mentions the field and its description¹¹³Babli Arakhin 21b. As explained there, the landlord can then tell his workers to look up the property offered and to report back in the evening.. Rebbi Yose said, if they do not get their estimated price¹¹⁴After the 30 days of public announcement. (The Babli in the end substitutes 8 weeks of announcement on market days for the 30 days of daily announcement.), they can conclude the sale. Is that the Mishnah, “if the judges estimated one sixth too little or too much, their sale is invalid”? Becausethey sold too low or too high, but if they found their estimate they close the deal¹¹⁵Even before the 30 days are up.. Rebbi Ḥananiah said before Rebbi Mana: What can you say, we deal with the case that they did not announce in public¹¹⁶The disagreement between the rabbis and Rabban Simeon ben Gamliel is only in the absence of a public tender.! From what is said afterwards: “Except if they offered public tender.” What is public tender? Rebbi Jehudah bar Pazi said, announcement¹¹⁷Quoted by Rashi in his commentary to the Mishnah..

¹¹⁸This paragraph is also in Megillah 4:4 (75b 1. 22), noted מ, and Sanhedrin 1:3 (19b 1.6), noted ס.The origin is in Sanhedrin since only there one finds the baraita which is explained by Ulla: “The following are not subject to public tender: Slaves, securities, and movables.” Ulla bar Ismael said, slaves lest they flee, securities and movables lest they be stolen¹¹⁹Since the owner has to be mentioned, thieves would be informed that it is worth while to break into that house.. Rebbi Abba bar Cohen asked before Rebbi Yose: Does this not imply that a slave is redeemed in front of three people¹²⁰If a slave was dedicated to the Temple and then redeemed by his owner, this should be a private procedure.? He answered him, yes. He said to him, but did we not state¹²¹Mishnah Sanhedrin 1:3, determining the number of jurors in judicial cases.: “Real estate¹²²Real estate dedicated to the Temple and redeemed following the rules of Lev. 27:22–23. nine persons and a Cohen, and a human¹²³A person who dedicates his own worth and finds it impossible to give the prescribed value; Lev. 27:8. In both cases, the Cohen’s determination has to be made in public; the definition of “public knowledge” is “known by at least 10 people.” by the same rule”? He answered him, the human here is a free person.

¹²⁴With slight changes in names this is quoted in the Babli, 100a.Ḥananiah bar Šelemiah in the name of Rav: A case came before Rebbi, who wanted to act following the rabbis¹²⁵A case was appealed to him, in which the local court had sold property, deviating more than a sixth from the appraised value. He wanted to annul the sale.. Rebbi Eleazar ben Proteus, the grandson of Rebbi Eleazar ben Proteus¹²⁶Who can be dated to the first half of the Second Century., said to him: Did you not teach us in your old man’s¹²⁷For זקיניך as “your father” cf. S. Lieberman, תיקוני ירושלמי Tarbiẓ 4(1933), p. 378. name, “except if they offered public tender”¹²⁸In this interpretation, the last sentence of the Mishnah is Rabban Simeon’s and is disputed by the rabbis. This disagrees with the findings above, Note 116. In the Babli, the entire case dealt with a sale without public announcement which Rebbi refrained from annulling.? He accepted it; Rebbi changed his mind and acted following Rabban Simeon ben Gamliel.