P3D Re: PHOTO-3D digest 3643

[JNorman805@xxxxxxx]

In a message dated 12/13/1999 10:50:21 AM Eastern Standard Time, 
photo-3d@xxxxxxxxxxxxxxxxx writes:

<< That's not correct Rod... If the reserve is $2500 and 
 someone places a maximum bid of $3000 then the bid will not 
 go to $2500.  It will go to the next increment, which might
 be $301.  It will stay below the reserve unless if bidding
 from two parties brings it above it. >>

Really??!!??  I was pretty sure that any single bid over the reserve would 
bump the present price to the reserve (with any excess being held as a proxy 
bid), but that any bid under the reserve, no matter how large, would simply 
be the highest present bid but not secure the item?  The above is certainly 
news to me.  Can anyone cite a rule to support either position?

Jim Norman