Quote:
Originally Posted by T206Collector
But as far as the other bidder is aware, $1,100 is open. And when he places that bid, he's outbid again, right?
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Think of it this way:
Bidder A is high bid.
Bidder B places a bid.
In order for Bidder A to outbid Bidder B he would have to place another bid above Bidder B's.
The two can't share a bid amount.
As I said before think about from a live auction format. If I had a stand in bidding for me and they knew my ceiling was $1300 and I currently held the high bid at $1100. When the next person bid $1200 my stand in couldn't say "Sorry we're already at $1200." We weren't, we were at $1100. So my stand in would have to bid $1300 to counter the other bidder.