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Maximum (proxy) bid posted as FINAL bid price??

G Guest
I just bid on 5 items in an auction starting at 7.49 ea.

One guy had bid on two of them for 7.49

I put a snipe on all 5 of them for a MAXIMUM of 10.00 thinking that I would only get charged as much as I needed in order to win the auction.

When the auction ended it showed my winning bid at $10.00 !! What's up with that??

When I looked at the bid history it only showed two bids: the guy who bid for two @ 7.49 and MY bid for 5 @ 10.00!! The way I figure it (by the rules of proxy bidding) I should only have to pay 7.99 (the next increment) for two of them and 7.49 for the other three.

Can someone please explain this to me ???
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GD Grateful Dreads (Guest)
Ben: Tip: When you bid for ALL the quanitites in a Dutch Auction (if you are the only bidder), the bid amount you entered becomes the lowest successful bid amount.

Best way to think of it: Dutch auctions = when supply meets or exceeds demand, the price rises past the seller's minimum.

You have to remember that Dutch Auctions do NOT use proxy bidding.

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