If OLB1 has a ceiling bid of $600 and OLB2 has a ceiling bid of $700, the "current high bid" at the beginning of live bidding would be OLB2 at $650, assuming no other OLB's.
Quote:
Originally Posted by Snapolit1
I guess maybe that's it.
But why do you open at anyone's ceiling bid? If OLB 1 has a bid of 400 with a ceiling of 600, and OLB 2 has a winning bid of 500 with a ceiling of 700, shouldn't the auction simply open at 500?
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