Better Bidding Practice on Huggins & Scott Auction

[Archive]

Posted By: Eric B

Regardless of the method, it all evens out. Sure, maybe if it is sitting at $1,000 you might not want to take it to $1,100 but maybe you are the one at $1,000 and it doesn't go any higher because of the 10% increment. At 5% increments someone else will bid $1,050 and now you need to go to $1,102.50.

Or to use an example from above. You take it to $1,050 but someone is willing to add 5% to take it to $1,102.50. At 10% increments maybe you will win it at $1,050 because nobody is willing to do to 1,155.