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What are the prices in Auction?
There are a few terms when you join Auction as below:
- Starting Bid: a minimum price set by the owner when creating an auction. It’s the lowest price that the owner is willing to sell the item for. In other words, the bidders cannot place a bid with a lower price than a starting bid.
- Maximum Bid price: a maximum price that the owner wants to sell the item. If there is a bidder reaches that price, the auction will be ended.
- Bid price: There is no requirement for a bid price as long as it is greater than or equal to the Starting Bid price. You can bid more than once, and the next time must be higher than the previous time. Just check the current bid price, and place a bid with a higher price than that.