back| ABOUT MAXIMUM BIDS |
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Bids are placed as maximum bids. Your maximum bid is the highest price you will pay for an auction item. IT IS NOT REVEALED TO OTHER BIDDERS. You may, in fact, end up paying less. Bids are placed for you automatically up to your maximum bid limit. Automatic bids use the auction's minimum bid increment. If your maximum bid is greater than the opening bid required for a given item, only that opening bid amount will be committed and shown to other viewers. Bids will be placed on your behalf to keep you the high bidder until the bidding reaches your maximum amount.
Setting a maximum bid allows you to stay active in the auction without having to stay glued to your screen. The final winning bid may be less than the hidden maximum bid. This system ensures that you only pay what is necessary to win, without ever risking that an auction item might sell to another buyer for a price you would have been happy to pay. Example Auction: Auction item: Robert Frank—The Americans (Grove Press edition) Minimum Bid Increment: $50 Estimated Value: $5000-6000 Opening Bid: $3500 Possible Bidding Scenario:
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