Shalom to all,
While bidding on the Molluscs Net auction today, I came across a troubling
feature, which concerns automatic bidding. I believe this to be relevent
for many subscribers to Conch-L, who participate in the auction.
When someone has entered a proxy bid of, let’s say, $56, he will win, even
if another bidder offers $56 later on, since he was first to offer this sum
(in a proxy bid).
However, my offering $52 (if the current winning bid is $50) will cause the
proxy bidder’s bid to jump to $54, not to $52, even though he has offered
$52 (by proxy) before me.
This means that the “penalty” for using the automatic bid is $2 per shell
(the proxy bidder ends up paying $54, even though he has been the first to
offer $52 and no one else has offered more than $52), and this can amount
to a substantial sum when bidding for several lots.
I have E-maild the Molluscs Net on this, but have received no repy.
Sincerely, Moshe Erlendur



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