Quote:
Originally Posted by ithacaartist
Rich, I think it may have been another pre-bidder, as they are referred to as "on site".
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Here's the pertinent part of the FAQ -
A absentee bid is placed on a lot for $1000. Live bidders and other absentee bids at the auction bid the lot up to $900. At that point, we advance the bid on the sealed bidder’s behalf to $950. If there is no raise, the sealed bidder wins the lot for $950. However, the auctioneer asks for $1000 and if a competing live bidder bids $1000, we of course will take the bid. Looking at the sealed bid in this case, the sealed bidder told us not to spend more than $1000. We are not authorized to go to $1100 for the absentee bidder, so the live bidder is the successful buyer at the $1000 bid point exactly the same as the sealed bidder.
The 'live bidder' gets it even though my/your absentee bid was received earlier, and it's for the same amount. The 'live bidder' doesn't have to beat your bid, just match it. As long as your Plus 1 or 2 has already been used.
It can be very confusing, and potentially loses RIAC money, as I would have bid on another auction if I hadn't thought I won the first one (two day auction, that was). The notice email that I had NOT won wasn't received for a couple days, IIRC. I was eagerly awaiting my "You Won!" notification and passed up a couple buys on GB/AA while waiting.
Now it no longer matters. If I do win on RIAC I'll CC it, and if not, no biggie.
Noteworthy that it's 17 1/2% if by CC and only 15% if by check/cash.