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#8
09-23-2020, 04:57 PM
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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. 
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