English auction
Host this auctionBidders compete by offering more than the current bid. Each offer is visible, so other bidders can respond. When bidding closes, the highest bidder buys the item for their final offer.
Bidder 1 offers $20. Other bidders can raise the price.
Raising the bid
You can respond to the offers in front of you instead of guessing a winning bid in advance. That is useful when you know how much you would pay but have little idea what other buyers will offer.
You can try the smallest permitted increase and wait for a response. A larger jump may discourage another bidder, but it also commits you to paying that higher amount if you win. The auction only needs to establish who will pay more than the remaining competition; it does not have to discover the winner’s full spending limit.
Last-second bids
With a fixed deadline, a bidder can try to win by bidding too late for anyone else to respond. This is often called sniping. Extending the auction after a late bid gives the other bidders another chance.
Going Going adds time so that at least 30 seconds remain after a late bid. The auction can therefore run past its scheduled finish. It suits a group that can keep following the bidding until no higher offer arrives.
Host this auction
Choose a minimum sale price and a minimum bid increase. Small increases let people compete in finer steps but can mean more back-and-forth. Larger increases speed things up, but a bidder may be unwilling to make the next required jump.