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LIVE AUCTIONS

Bids are placed as maximum bids. Your maximum bid is the highest price you will pay for an auction item. It is kept secret from other bidders. Bids are placed for you automatically up to your maximum bid limit. If the auction reserve has not been met, and if your maximum bid is greater than the auction reserve, a bid will be placed for you at the reserve amount. Otherwise, automatic bids use the lowest amount allowable: the auction's minimum bid increment.

Setting a maximum bid allows you to stay active in the auction without having to stay glued to the computer. The final winning bid may be far 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 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: $3000-3500
Auction Reserve: $2500 (stays hidden throughout the auction)

Possible Bidding Scenario:

ACTION	RESULTING BID(S)	EXPLANATION
Bidder A submits a Maximum Bid of $1500.	A: $1500	Reserve has not been met; your maximum bid becomes the opening bid.
Bidder B submits a Maximum Bid of $2000.	B: $2000 A: $1500	B's maximum bid is greater than A's, but the reserve has still not been met so the whole amount of B's bid is committed.
Bidder C submits a Maximum Bid of $2400.	C: $2400 B: $2000 A: $1500	C's maximum bid is greater than B’s and A's, but the reserve has still not been met, so the whole amount of C's bid is committed.
Bidder A submits a NEW Maximum Bid of $3000.	A: $2500 C: $2400 B: $2000 A: $1500	A's new maximum is greater than the reserve; only the amount necessary to meet the reserve is committed.
Bidder D submits a Maximum Bid of $2800	A: $2850 D: $2800 A: $2500 C: $2400 B: $2000 A: $1500	D’s maximum bid is still lower than A’s, so D’s full bid is placed, followed by an automatic bid for A in the amount of the minimum bid increment.