Yesterday at Tamashiro Market in Kalihi — "home of the finest seafoods" — folks stood before glass display coolers filled with tuna marked at up to $29.95 a pound for premium grade 'ahi and paused, as if working up nerve.

When one customer stepped up to buy 2.7 pounds of fish, the woman standing beside her gasped aloud when the scales calculated the price at $80.57.

Another customer asked a meat cutter whether the day's 'ahi would keep until New Year's Day. He was advised to come back today. The man requested a price check on a 5.3-pound piece of ahi. After eyeing the total — $159.63 — he walked away empty-handed.

Thus, the annual sashimi dilemma plays itself out. Those who fish the sea predict the supply should be adequate this year. Those on the demand side of the equation — who serve thin slices of the raw fish to guests on New Year's — seem resigned to paying more than they would normally for the traditional holiday delicacy.

Auction officials said demand this year appears to be on par with last year. But today, New Year's Eve — customarily the biggest day of the year for purchasing all things sashimi — will determine whether sales are up or down from 2007.

As in seasons past, supply and demand reach critical mass moving into New Year's Eve. Yesterday's premium ahi prices remained in the $14.95 to $29.95 per pound range — although the high end tends to escalate later in the day as supplies diminish.

For the past three years, Frances and Larry Oba of Moanalua Valley have saved money by bidding directly for 'ahi at the Honolulu Fish Auction. They find the process fun and exciting, they said. They didn't buy anything at this year's pre-Christmas auction because the prices were too high due to low supplies.

Yesterday, though, supplies were up and everything fell into place for the Obas.

"Last week, I would have had to pay over $6 a pound," said Frances Oba, who inspects the pallet displays, picks out a couple of 'ahi, and then lets a friend familiar with the finer points of fish selection decide which is the better deal. "Today, the fish I got was $4 a pound."

The lower cost reflected the direct bidding process and a number of factors that affect the quality of the fish, such as color, size, texture and fat content.

For $220, the couple happily carried away a fresh, medium-grade 55-pound 'ahi.

The auction is held six days a week at the Honolulu Fishing Village at Pier 38 — but things pick up steam during the final week of the year.

"People come here to buy a fish, and what they do is bid on a fish," said Brooks Takenaka, assistant general manager of the United Fishing Agency, which hosts the auction. The action starts at 3 a.m. during the holiday season.

"The display auction provides an opportunity for the fishermen to bring their fish to a market facility that also brings together the buyers," he said. "That's the whole concept."

It's the only daily fresh tuna display auction of its kind in the nation, Takenaka said. Fishing operators bring their fresh catch to the marketplace, where the fish are identified, tagged, weighed and placed on rows of display pallets for inspection by wholesalers and individual cash buyers.

The pallets do not move. The auction migrates as the auctioneer, surrounded by a throng of buyers, shuffles among the pallets — buyers bidding against one another for individual fish. The room is cold, the floor is wet and icy, and the smell of fresh big-eye 'ahi, yellowfin tuna, and opah is strong, but not overpowering.

Guy Tamashiro, fish buyer for his family-owned market on North King Street, was at the auction yesterday from the opening bell until the last fish was sold.

After more than 30 years in the trade, he remains passionate about the auction ritual. He strives for the highest quality and the best price. He knows exactly what he's looking for in an 'ahi and bids vigorously when he spots a premium-quality fish.

Tamashiro knows that the lower the winning bid, the lower the per-pound retail price and the more money the market will take in on volume.

One 148-pound big-eye 'ahi he bought yesterday went for a winning bid of $17.70 a pound, or $2,619.60 for the whole fish.

"It was a really beautiful, premium fish," said Tamashiro, although he conceded it stung a little to pay that much.

Tamashiro said shoppers can save money today by buying as early as possible, when supplies are higher. He also had a tip for households on a budget this season: Try striped marlin, or nairagi, for sashimi.

"It's a great substitute for 'ahi," he said. "It's at a very good price this year. For people on a budget, that's the way to go."

The price for that yesterday afternoon was holding at $5.95 a pound.