This one is pretty cut and dry, but there still isnt a lot out there on it...A domain just went up for auction and it had a lot of content when it was up. What happens to that content typically? (the site is being auctioned off by godaddy) Also, it is valued at between 4-7k dollars depending on the site value checker you use. I understand that these prices are almost all inflated and erroneous, but as an estimate they're the best one can do...so, 2nd question is how accurate are these? At least for traffic, can i more or less get a good idea? Also, can i copy old contents from the archives if they deleted the content..what do people do in these cases?
At a domain auction you are merely buying a domain-name. Not the content or access to the servers behind it, which is merely where the domain "used to" point to. You buy the ownership of the domain, it lands in your account (you mention Godaddy) and you then point it to where ever your new content will go.
The old content is entirely unrelated to your purchase and is still owned by whomever let the domain go, because it obviously had more value to them by selling the domain-name, rather than running the web-site. Old content has no relationship to you or your domain purchase, unless you specifically buy the content from its owner.
If you want a domain WITH content, you would have to buy a web-site + domain rather, and get it from its current owner. Domain auctions sell nothing but the domain ownership rights. You then figure out what you want to do with that domain.