posted on April 15, 2001 10:34:26 PM new
I HAVE A QUESTION THAT I HOPE SOMEONE CAN ANSWER--HOW DOES A BID JUMP FROM $10 TO $50 WITH A 1 {ONE} BID HISTORY WHEN THE STARTING BID IS $10? CAN YOU BID AGAINST YOURSELF TO GET A RESERVE MET?
posted on April 15, 2001 10:39:27 PM new
If someone places a proxy bid on an item that has a reserve, and the proxy meets or exceeds the reserve amount, the proxy will automatically go up to the reserve amount.
I think that's how it works anyway.
Like, your reserve is 50, opening bid of 10, I proxy 100 as the first bidder. My bid automatically goes to 50, your reserve.
posted on April 15, 2001 11:39:30 PM new
Just as a reserve is the "seller's secret", the high bid is the "buyer's secret".
If the starting bid for an item is $10 and I am willing to pay $50 for it, I would enter $50 as my high bid. I am not bidding $50 immediately, the auction was opening at $10. My bid is placed for $10. When someone bids against me, I will continually outbid them until my max amount is outbid ($50.01).
Hope this helps!
