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