Quote:
Originally Posted by Sterling Sports Auctions
Number of different bids on the lots with the same opening and current bid could be reflected by the max bid a bidder puts in.
Lee
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Thanks Lee (who is an auction house owner). But how does a max bid impact the amount of bids? I understand it could impact the number of bidders, but when one puts in a max bid, isn’t their an actual bid placed at each increment up to the max bid?
For example, the opening bid is $100 and there are $20 increments (up to $200). I place the first bid and put in a max bid of $200. I take the high bid spot- first bid. Lee bids $120 and then is outbid by my max bid but only at the $140 increment - bids two and three. Lee bids $160 and is immediately outbid by my $200 max bid, which takes the $180 bid increment - bids four and five. Lee bids again and (I guess) is outbid by my $200 max bid- bid six.
So, two bidders but 6 bids have been placed notwithstanding my initial $200 max bid. No?