This is the proof that, when it comes to TLDs with scarce liquidity like .IN, auctions are definitely to be avoided. Consider this: when someone receives an offer on an .IN/.CO.IN at Sedo and decides to send the name to auction, 90% of the times it ends with no other bids, regardless of the starting bid. Add to that that Sedo did all it could to hide Wot's auction and that Sedo apparently is/has been blocked in India (the only country from which the auction could get some serious attention) and you'll find why the results were not that brilliant.
The best sales, and we have confirmation with OnlineDegrees.in, happen when the buyer submits an unsolicited offer. The seller, if he wishes, should push the name to auction only if he's happy with the starting bid.