| Many of you have used a traditional auction site like | | | | comparison to the actual retail value of the auction. |
| eBay where the person placing the bid at the close of | | | | Many Unique Bid auction sites will discount the |
| the auction is the winner. Over the last few years | | | | administration fees for multiple consecutive bids on the |
| there is a new style of auction around called the | | | | same auction. |
| Highest Unique bids auction. | | | | Once a bid has been placed you are provided with |
| The way a Highest auction works is that the person | | | | details of how your bid stands (Usually both online and |
| who has the highest bid at the end of the auction is | | | | via email). eg. if it's "Highest Unique", "Unique" or "Not |
| the winner. The Highest Unique bid may not necessarily | | | | Unique". If you are lucky enough to have the Highest |
| be it; it is the highest bid which is unique from all other. | | | | Unique Bid, in many sites they will notify you by email if |
| Let's say that you are bidding on an auction and you | | | | someone has knocked you out by placing a matching |
| have bid $5 as a bid, this would be the highest unique | | | | bid at your bid value. |
| bid if either there were no other bids higher than $5 or | | | | Highest Unique Bids Auctions are closed auctions so |
| if there were there were multiple bids at that value (e.g. | | | | no one can tell what others have bid until the end of |
| 2 bids at $6 would no longer be unique). | | | | the auction when the results are posted. Some sites |
| The trick of bidding on a highest bid is to try and knock | | | | will provide you with a range indicating where the |
| the other bidder out to make it unique. For example, if I | | | | highest unique bid sits, however these ranges are not |
| am the only bidder with a $4 bid on the above auction, | | | | always helpful because the ranges usually could |
| this would be Unique (as there is only a single bid), but | | | | contain over 100 bidding increments. Other sites will |
| it's not the Highest. However, if I bid again $5 it would | | | | only allow bidders to place a certain number of bids on |
| knock your bid to no longer unique and my $4 bid | | | | each auction, this provides bidders better odds as |
| would now be it. | | | | each bidder can only bid a certain number of times, |
| Another unique feature of Highest Unique auctions is | | | | giving everyone an equal chance of winning. |
| that all auctions have a Maximum Bid value that you | | | | Some sites will run beginner auctions where new |
| can bid. Usually this value is a considerable saving on | | | | bidders can place bids without the fear of the |
| the normal retail price of the product or service, in | | | | experience bidding tactician out bidding them, others |
| many cases saving up to 99% off the retail price. For | | | | run free auctions to provide incentive to bidders and to |
| example an item might be worth $100, but the | | | | get them bidding. |
| maximum value you can bid is up to $1 in say 1 cent | | | | If you are the winning bidder and the value of your |
| increments. Auctions will also have either a closing | | | | winning highest unique bid has been paid then you will |
| date with a minimum required number of bids (in most | | | | receive your product or service. In some cases freight |
| cases if the minimum number of bids is not reached | | | | charges are added to the costs, but with many sites |
| the closing date is extended) or just a number of bids | | | | freight costs are included in the bidding process. |
| required. | | | | There are also sites which run Lowest Unique Bid |
| To place a bid on a Highest unique bid auction a small | | | | auctions (also known as "Reverse" auctions) where |
| non-refundable administration fee is charged to cover | | | | the winning bidder is the bidder who has placed the |
| the auction costs. This is a minimal charge in | | | | Lowest Unique bid within the bidding range. |