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Once secret bids are known, and the auction is conducted again, usually the party with the biggest pockets then just wades in and takes it. Once the price is k
by intended 2y ago
Once secret bids are known, and the auction is conducted again, usually the party with the biggest pockets then just wades in and takes it.
Once the price is known, several parties tend to walk away.
- AnthonyMouse 2y ago> Once the price is known, several parties tend to walk away. This is why you disclose the current winning bid, which will be <minimum bid increment> over the second highest current bid. If that's already more than you're willing to pay then you weren't going to win anyway. If it isn't, you can put in your bid and then the previous winning bidder has to outbid you again. Which they might do, but you don't know that and until the bid is above what you're willing to pay you don't lose anything by placing bids which as far as you know might actually win.