Auction to the limit virtually
How limit auction works in practice
How does the limit auction work? Here’s a little practical guide.
For example, the Hare in his hole, which you see below this text, has a starting price of 250 CZK. Let’s say you like it and you would like (and can afford) to pay no more than CZK 3,652 for it. That’s your limit. Someone has already tried to bid for the bunny before your first bid and bid 100 CZK, which you can see in the bid history below the auctioned piece. 100 CZK is the lowest possible bid in this price level according to the Auction Rules. The immediate or current price is therefore 350 CZK. Don’t be afraid to bid your limit of CZK 3,652 at this time. No one will see it but you. But the system will immediately bid the minimum amount to win, in this case 100 CZK. The immediate price will be adjusted to 450 CZK and if no one else is interested in the bunny by the end of the auction, it will be yours for that amount.
However, if the bids continue and the spot price exceeds the limit of CZK 2,001, the bunny will be placed in a different bidding tariff according to the Auction Rules and the minimum amount that the system will bid will increase to CZK 200. Let’s assume that the highest bid of your fellow bidders is CZK 2,500 for the entire auction period. Then, based on the limit of CZK 3,652 you entered, the system will bid CZK 200 for you and the bunny will be yours for CZK 2,700.