Auctions

How auctions work

Open auctions take rising bids shown by alias; sealed auctions take one blind bid each, opened at the close.

Open auction: everyone sees the current bid and the bid history (bidders show as "Bidder A", "Bidder B"). Each bid must be at least the Minimum next bid.

Sealed auction: you send one bid; nobody sees the other bids until the close.

Soft close: a bid in the last 5 minutes adds 5 minutes, so nobody wins by bidding at the last second.

Reserve: the seller’s lowest price stays hidden; you only see whether it is met.

When the clock ends, a lot with the reserve met is Awaiting award; otherwise it is Unsold.