I'm a little confused. Just bid on the TM auction. It says if the auction ended now, I wouldn't pay the minimum bid price (like ebay) but the actual bid I put in. In other words, if I bid £100 per ticket but the minimum price was £70, I'd pay £200 rather than £140.
I thought it was along the same lines as ebay - you pay just above what the previous high bid was not your highest bid.
Jeez . . . bet I've confused all you lot now.

You're talking about Dutch Auctions

Thanks mate.

On your link it says "Winning bidders will pay a price equal to the lowest winning bid."

So, why would I pay say £100 per ticket if the auction ended now, when the minimum price stated is £65?

I've got little chance of bagging one of these tix but I'm just curious.

I imagine £100 is the lowest winning bid at this moment so no one will pay less than that.

Malloy said:

I think basically it avoids you having to keep coming back and upping your bid as it falls out of the winning bids list. Just put in the max you'd be willing to pay, and at the end of the auction you'd pay the minimum you need to. So let's say for a particular date they will take the top 30 bids. If you're bid remains in the top 30 by the end, you'll just pay the lowest winning bid. It's a bit different to bidding for just one seat, and it's fairer that once you've won you've not paid 3 times more than the person sitting next to you.