Code Cracked on Hidden Reserves- Iconic Auctions

[swarmee]

Yeah, you're missing that most auction houses have three ways to make a bid:
1) Bid next increment
2) Bid an IMMMEDIATE Max Bid. So if the start bid is $50 and you want to bid $250, it goes immediately to $250.
3) Bid a capper Max Bid, which will increment and outbid bidders each increment until it's eclipsed.

You're not taking into account bid #2.

[Rhotchkiss]

Originally Posted by swarmee

Yeah, you're missing that most auction houses have three ways to make a bid:
1) Bid next increment
2) Bid an IMMMEDIATE Max Bid. So if the start bid is $50 and you want to bid $250, it goes immediately to $250.
3) Bid a capper Max Bid, which will increment and outbid bidders each increment until it's eclipsed.

You're not taking into account bid #2.

See below. You can submit a straight bid at a much higher amount, which would explain different bids but same current bid. That said, I am sure that is not happening here because the disparity is on a ton of lots, very few people would just go straight to a straight max bid and it would have to happen many times in Iconic auctions, the current bid does not reflect an exact increment and you must bid in increments, and I have seen at least a dozen items in past auctions.

To clarify, I understand how one can bid in auctions - I have been doing this a long time and bid in many auctions. There are at least a dozen lots where the numbers of bids x increments do not equal the current bid. There is no way a bunch of people are, auction after Iconic auction, putting in straight max bids. Plus in all those cases, the current bid does not equal the increment! They are close, but they are not exactly a product of the opening bid x10% x 10% x 10%, etc.

[Lorewalker]

Originally Posted by Rhotchkiss

See below. You can submit a straight bid at a much higher amount, which would explain different bids but same current bid. That said, I am sure that is not happening here because the disparity is on a ton of lots, very few people would just go straight to a straight max bid and it would have to happen many times in Iconic auctions, the current bid does not reflect an exact increment and you must bid in increments, and I have seen at least a dozen items in past auctions.

To clarify, I understand how one can bid in auctions - I have been doing this a long time and bid in many auctions. There are at least a dozen lots where the numbers of bids x increments do not equal the current bid. There is no way a bunch of people are, auction after Iconic auction, putting in straight max bids. Plus in all those cases, the current bid does not equal the increment! They are close, but they are not exactly a product of the opening bid x10% x 10% x 10%, etc.

I think you have answered your own question...assuming you even had a question. The house is clearly not the most ethical (validated by several others on this thread) so expect sneaky BS and manipulation. They must be using the straight high bid on certain lots (for whatever reason) as a hidden reserve to protect the lot.