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Skilled workers can bid up their wages while those with few skills operate in a twilight zone.
Bidding starts at zero, and players can bid up the auction price only in small set increments, like 1, 2 or 6 cents.
In an offline auction, you can bid up to the instant when the gavel comes down, and no one yells, "Cheat".
Darren Julien Darren Julien, of celebrity-memorabilia auction firm Julien Entertainment, explains: "If you say, 'I'm willing to pay up to $30,000,' then the auctioneer can bid up to that on your behalf.
If people believe that a stock is going to be worth more in the future, they can bid up the price now.
In the auction, you have to have a maximum price you can bid up to for a particular animal, and keep bidding until either it gets sold to you, or the price is too high for you to bid on.
Similar(52)
Borrowing hundreds of billions of dollars and dumping most of them into glutted capital markets can only bid up the value of all investments, regardless of how marginal they may be.
"You show up and a lot of other VCs are there and everybody has good pitches, so things can get bid up," says Richard Heitzman, managing partner at FirstMark Capital, which put capital into StubHub, Netgear and TheStreet.com.
The Tulip Mania is only worth noting because it shows that any asset can be bid up to ridiculous levels.
Once a courageous anti-apartheid warrior, Ramaphosa now sits on the board of Lonmin and, it was recently reported, can afford to bid up to R19.5m (£1,480,000) for a prize buffalo.
"He can bid it up to any price he wants and he can buy it for himself in the end, since he's building a museum.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com