Auction bidding instructions

INSTRUCTIONS FOR BIDDING IN THE AUCTION

The auction is a mail and internet auction. Approximately 50% of the active bidders in the auction receive the auction by mail, and about 50% view the auction on the web page. It does not operate like most internet auctions. The minimum bid is given, and it has no hidden reserves higher than the minimum. The current top bid is not listed. The multiple bid system allows you to place up to three bids on a roll, and any bid will be reduced to 15% over the next highest bid. For example. The roll minimum bid is $8.00. You place three bids of $8.75, 12.50, and 30.00. The next highest bid is $16.50. You would win the roll for $18.98, 15% over the $16.50 bid. If the next highest bid were $12.25, you would win the roll for $12.50 and no reduction would be used because your bid won by less than 15%. You are not required to place three bids, you may place only one or two bids, and they will be reduced to 15% over the next highest bid.

Bennet Leedy Rolls auction was started in 1990 after many years of selling rolls at set prices by mail and at AMICA and MBSI meetings. In 1997 the Piano Roll Center auction became part of Bennet Leedy Rolls. The Piano Roll Center auction was started by Mike Schwimmer in 1970. Mike is the originator of the Three bid system that is used.