This is just amazing and magnificent. You can pack so much information within the small space, and the details are so readable but still done in a shorthand manner.
This is a painting I am interested in and have sent in many bids. however, the bidding seems a bit strange; no matter what I bid, the results always come back immediately with a bid from "XXX city and state" with $1 more than my bid. This seems odd. Care to comment?
You were bidding against a higher bid placed before you started bidding. It is explained on the auction site before you place a bid, it's known as proxy bidding:
"When you place a bid, you enter the maximum amount you'd be willing to pay for the painting. Your maximum amount is kept confidential from other bidders, and you can raise it at any time. During the auction, the system compares your bid to those of the other bidders. Bids will be placed on your behalf, using only as much of your maximum bid as is necessary to maintain your high bid position. If another bidder has a higher maximum, you'll be outbid. But, if no other bidder has a higher maximum at the end of the auction, you win the painting. This means you don't have to keep coming back to re-bid every time another bid is placed."
In a situation where the first bid is say $500 and during the auction only one further bid is received for $200 then the first bidder would win the painting for $201
Thank you very much for explaining the proxy bidding process! I didn't know that existed and I thank you for being so prompt in replying...mystery solved! Merci!
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