"Mark S. Holden" wrote:

Evan Platt wrote:

On 9 Jan 2005 15:11:57 -0800, "Invader3K"
wrote:


Forgive my ignorance, but what is so special about this radio that
would fetch such an obscenely high amount of money? I wonder if the bid
is a joke. Good luck to the seller on collecting that.


For a auction to reach a skyrocketed price on eBay, TWO people need to
be involved (if the bid is a 'joke'.

Based on the proxy bidding system, let's say someone sells a widget
that's worth $500. If someone bids $500.00, and then the 'jokester'
comes and bids $50,000. The 'bid' is actually the next increment of
$500 - probably like $505. And that is what the auction will close at.

There is an exception to the "you need two bidders to drive the price
up" rule.

If an auction hasn't met reserve yet, it will go from wherever it is to
the amount of the reserve the first time someone bids high enough.

That is correct.

From eBay:

A bid increment will go higher than the standard increment in two situations:
To meet the reserve amount
To beat a competing bidder's high bid


dxAce
Michigan
USA