Reply to "Out sniped...how does this work?"

rickMember

John,

Well, first off, the most that a proxy bid will increase at this price range is $.50:
http://pages.ebay.com/help/buy/bid-increments.html

And, the top bid didn’t go up to $24 because the top bidder bided $23.01.

quote:
So can I assume his bid was only for $23.51?

No assumption – his/her bid WAS $23.51. Had your bid been $23.52, instead of losing by one penny, you would have won by one penny.

quote:
or would it still have only gone to $23.51 even if his proxy bid was $100?

If you were the only other bidder, and you sniped at $23.50, and had the proxy bid had been $100, your $23.50 would have cause the closing price to be $24 (your $23.50 bid plus $.50 increment).

1/29/0611:29 AM

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