Hunts/Invaluable

[Snapolit1]

I guess maybe that's it.

But why do you open at anyone's ceiling bid? If OLB 1 has a bid of 400 with a ceiling of 600, and OLB 2 has a winning bid of 500 with a ceiling of 700, shouldn't the auction simply open at 500?

Originally Posted by GeoPoto

Assume a $50 bid increment: On-line bidder (OLB) submits a ceiling bid of $500; another OLB submits $400. The high bid at the beginning of the live auction is therefor $450. A live bidder immediately bids $500 becoming the first bidder to get to $500. Execution of the OLB's $500 ceiling bid is now not possible since $500 is already taken. If the OLB is watching the live auction, he is shocked to see somebody else with his ceiling bid. If there are no more bids, live bidder wins.

I would think it is other than rare.

[GeoPoto]

If OLB1 has a ceiling bid of $600 and OLB2 has a ceiling bid of $700, the "current high bid" at the beginning of live bidding would be OLB2 at $650, assuming no other OLB's.

Originally Posted by Snapolit1

I guess maybe that's it.

But why do you open at anyone's ceiling bid? If OLB 1 has a bid of 400 with a ceiling of 600, and OLB 2 has a winning bid of 500 with a ceiling of 700, shouldn't the auction simply open at 500?