Auction and bidding terms
These draft rules explain binding bids, proxy ranking, reserves and closing.
Binding bids
A bid is binding once the server acknowledges acceptance. Browser displays and clocks are informative; the committed server record, sequence and effective close time govern.
Proxy maxima and ties
A private maximum may be increased but not reduced. The highest maximum leads. Equal maxima are ranked by the earliest accepted sequence, and the visible price advances only as required by the increment and reserve rules.
Reserves and unsold lots
A hidden reserve may apply. A lot with no accepted bids or a leading maximum below reserve closes unsold. The exact reserve and another bidder’s maximum are never disclosed.
Soft closing
A competitive bid that changes the leader or visible price in the final two minutes resets closing to exactly two minutes after that bid. Repeated competitive bids may repeat the extension.
Settlement and disputes
The valid leader meeting reserve is the provisional winner. Suspended or disputed accounts are sent to settlement review rather than silently awarding another bidder.