What does "respect" mean?

Generations before David was born, 80 acres of their small family farm in Nebraska was separated out and willed to a distant relative. David grew up hearing the story, and wanted to make the farm whole again. In 2011, he and his family learned the 80 acres would be sold at auction. Now in his 20's, he had to figure out how to raise a lot of money fast. After two weeks of planning he and his dad came up with their "best number." But when they walked into the auction house that night, their hearts sank.

                                                                                                                               Gregg Sutton
The place was packed with over 200 farmers, most of whom had larger farms and could outbid them many times over. When the auctioneer asked for the first bid, David and his dad took a deep breath and made theirs. Then the auctioneer called for a second bid, and silence fell over the room. After many attempts to solicit another bid, the auctioneer took a break. When they reconvened, the second bid was called for, and again there was silence. Finally the auctioneer had no choice but to award David and his father the 80 acres. David was stunned. The farm was complete again. Asked what quality motivated all the other farmers to remain silent, he said, "respect."