Rick is right. At that level bidding is measured in increments of $.50. The winning bidder's maximum was $11.67, but he placed that bid before your bid of $11.77 was entered. Since his bid was earlier than yours, you had to bid one full increment in order to win...$12.17, $.50 more than $11.67. If your bid had been placed first then $11.77 would have been enough to win, but snipers' bids are rarely placed first.
