Can someone explain how Saco River live auctions work?

[Harford20]

When the auction is live, they start bidding at either the minimum bid or the previous bid done on-line prior. For example (fictitious), if you are bidding on at SGC 1 T206 Cobb Red, with an opening bid of $200, placed your own ceiling bid of $400, the live-auction will start with the price to whereever your $200 bid has been bumped by other bidders, lets say to $300. Then when the live auction starts, it opens at $300, and when that lot # is ready, ANYONE can bid during the live time (it goes lot by lot, just like a regular auction). The auction close is also just like a regular auction, you get a "going once", "going twice" and "sold" and that lot closes and they move to the next lot. Most auctions at Saco seem to be won by people standing in the auction room rather than online, but if you bid high enough, everyone has a chance, even prior to the live auction (say you really wanted this Cobb and put your early ceiling in at $900, it may never get outbid even live).

Dave