The site operates a system of PROXY bidding. What ever bid amount you enter, if you should be the highest bidder you will only pay 1 increment above the 2nd highest bid.
For example: If an item is listed and has a reserve of £15 and there are 3 bidders.
Bidder A at £20 Bidder B at £60 and Bidder C at £25.50
Bidder B will be the winning bidder at £26.50
The 2nd highest bid being £25.50 and increments between £20 and £50 being £1.
Under proxy bidding, the price paid is determined only by competitors' bids and not by the amount of the new bid, and so there is no economic incentive to place a bid below the amount one is willing to pay, or to place multiple increasing bids. An "economically rational" bidder will therefore bid the maximum amount they are willing to pay on their first bid, and never raise their bid.
MAKE AN OFFER. A feature of this auction site is the option for bidders/buyers to make an offer at any time during the duration of a listing to purchase before auction ends. Offers must exceed the initial listing price or the current highest bid. Any such offers made and accepted will end the listing.
Unlike many sites bidders are able to retract bids up until 24 hours before close of auction. After this time it will be expected that bidders will honour any winning bid placed.
|Price Range||Bid Increment|
|£10 - £20||£0.50|
|£20 - £50||£1.00|
|£50 - £100||£2.50|
|£200 - £500||£10.00|
|£500 - £1000||£20.00|
|£1000 +|| £50.00|
If current price is in RED. Reserve has not been met.
If current price is in GREEN. No reserve or reserve has been met.
The price displayed is either the starting price or the current highest bid (defined as second highest bid plus bid increment)