What is true market value?

It is amazing to me that some out there have a strange understanding of what "True Market Value" is and how to go about finding it in this type of market.  Over the past several years that was a phrase that was rarely used in real estate, I think mainly because sellers felt they controlled the "market value".  As we know (and if you didn't you're finding out now) buyers actually control value.  I had a discussion with a "RE Pro" a while back, she was under the impression that she could dictate what someone was going to buy her listing for.  Well, in those good times it sure seemed like it, but true market value (what someone is willing to pay for any item at any given time) is a product of the buyers willingness to pay.  I told her if that were true why not list that $450,000 for $800,000 and see how long it takes and how many times you reduce the price until you find a willing buyer.  And that brings me to the current market and how the search for "True Market Value' is achieved.  The options for this achievement are slow and fast.  We all know what the slow method is, list at what you think market value is(or what your seller tells you they want) and keep reducing until you get there.  Or, you use aggressive marketing to attract perspective buyers to a designated place at a designated time start the bidding and increase until you achieve "True Market Value".  Either way you are going to get to that magic number and both methods are viable, the key is you must know what your clients goals are and select the method that will best serve their needs.  And if that method is the auction, make sure you contact a real estate auction professional who knows how to work with, not against "list and sell' agents.  I know most of you know this, and you're wondering why I even write about this, but it seems interesting when I ask a prospective client what they think their property is worth and they answer "well the house down the street is on the market for $???,???, you have to wonder if the past years of a "great market" has caused us to forget what "True Market Value" truly is.