What are bid increments in an auction?

What are bid increments in an auction?

Bid increments are the minimum amount by which a bid must increase in an auction. They ensure orderly bidding.

How are bid increments determined?

Bid increments are usually set by the auctioneer and can vary based on the current bid amount and the auction type.

Can bid increments change during the auction?

Yes, bid increments can change during the auction, especially if the bidding becomes competitive or if the auctioneer decides to adjust them.

What happens if a bid doesn't meet the increment?

If a bid doesn't meet the required increment, it is typically not accepted, and the bidder may need to increase their offer.