In the Method of Sealed Bids, each person involved in the joint ownership submits a secret bid stating the value they assign to the item. Once the highest bid is determined, the winning bidder compensates the others by paying an amount into a "kitty" (a pool of money) to distribute fairly among the remaining participants.

Here's how the process works:

1. Determine Fair Share per Person:
   Since there are 10 people involved, each person's fair share of the item is $\frac{1}{10}$ of the winning bid.

   $\text{Fair Share per Person} = \frac{\text{Winning Bid}}{10} = \frac{50,000}{10} = 5,000$

2. Amount to Put in the Kitty:
   The winning bidder must pay enough money into the kitty to compensate the other 9 bidders. The amount the winning bidder needs to put into the kitty is the difference between the winning bid and their own fair share.

   $\text{Amount to Put in Kitty} = 50,000 - 5,000 = 45,000$

Thus, the winning bidder will need to put $45,000 into the kitty to compensate the other bidders.

Would you like more details or have any further questions?

Here are 5 related questions to explore:

1. What happens if all bidders bid different amounts?
2. How is the money in the kitty distributed among the non-winning bidders?
3. What happens if two people submit the same highest bid?
4. How does the sealed-bid method compare to other division methods?
5. Can the sealed-bid method be used for items of sentimental value?

Tip: When using the Method of Sealed Bids, it's essential that each bidder submits a bid reflecting the true value they assign to the item, to ensure a fair distribution.