Yeah, you're missing that most auction houses have three ways to make a bid:
1) Bid next increment
2) Bid an IMMMEDIATE Max Bid. So if the start bid is $50 and you want to bid $250, it goes immediately to $250.
3) Bid a capper Max Bid, which will increment and outbid bidders each increment until it's eclipsed.
You're not taking into account bid #2.
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PWCC: The Fish Stinks From the Head
PSA: Regularly Get Cheated
BGS: Can't detect trimming on modern
SGC: Closed auto authentication business
JSA: Approved same T206 Autos before SGC
Oh, what a difference a year makes.
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