In this article, we will examine the “Unique Bid” auction from DubLi, and attempt to shed some light on the way to participate with some standard information that can be utilized to help you figure out your personal strategy.  Let’s first take a quick look at what kind of online bidding it is.  Reverse penny auctions are similar to that of a traditional auction where you have a seller, and multiple buyers who compete against one another to win a particular item.

With that said, a Unique Bid auction will have a seller who will list a product for bidding sites; and buyers who compete against each other placing bids that are both the lowest, and most unique price in order to be awarded the winner of the auction.

In order to participate in a Unique Bid auction, the participants are needed to purchase credits, and use the credits to choose a cost they are willing to pay for a particular item.  With that said, lets get into strategy to help us compete in a Unique Bid auction.

Look at the completed auction to research, and see if the item has been up for auction just before. Also take note how long the item was up for auction within the past.  Know what time the new auction starts, and ends.  Remember, to take into account your expense for the credits you are going to must spot bids with.  I would usually appear for items that have just started to be auctioned.  Should you start to place a spread of bids, and you are told that your bids usually are not the lowest, or most unique.

After you might have successfully placed your bids, you’ll wish to follow the auction closely to make sure no other buyers have duplicated your placed bids. At this point it truly is a game of chance, but the rewards may be really lucrative when you get the hang of it.  This may cause the other buyers to place bids else where.