In 1989 Kushilevitz initiated the study of iinformation-theoretic privacy within the context of communication complexity. Unfortunately, it has been shown that most interesting functions are not privately computable. The unattainability of perfect privacy for many functions motivated the study of approximate privacy. Feigenbaum et al. define notions of worst-case as well as average-case approximate privacy, and present several interesting upper bounds, and some open problems for further study. In this paper, we obtain asymptotically tight bounds on the tradeoffs between both the worst-case and average-case approximate privacy of protocols and their communication cost for Vickrey-auctions. Further, we relate the notion of average-case approximate privacy to other measures based on information cost of protocols. This enables us to prove exponential lower bounds on the subjective approximate privacy of protocols for computing the Intersection function, independent of its communication cost. This proves a conjecture of Feigenbaum et al.