Steve Verkman auction policies

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Posted By: Mark M.

I understand Steve's explanation. I am new to auctionhouse bidding, but I did notice that other auction houses (i) do count the max bid as a bid, but (ii) only let you set the max bid an even number of increments above your straight bid price. In other words, another auction house would not have accepted Mark's max bid of 275, given that it was an odd umber of increments apart from his max bid of 206, but rather Mark's max bid would have to be eitehr 253 or 303. What Mark could have done to put in a max bid of 275 would have been to put in a straight bid of 235 - then his max bid of 275 would be an even number of increments higher than his straight bid. At least this is how Lew taught me to do it. I agree that the CSAuction's format is misleading on this point - I lost out on several items last night for which I enterred max bids that I now suspect weren't counted as bids for the same reason.

"I think I now understand this better. You had bid $206 with a maximum of $275. That would protect you for one increment: 230 is the bid after 206 and you then need 253 to protect you for one increment, which took place as you did. 275 would protect you for two increments only if you HAD THE BID OF 187 - which you did not. I should have explained this more clearly when we spoke last night."