Suppose the undisclosed reserve price is $100. The current high bid is $75 and I put in a bid of $105. Does my bid go to (approx) $76 and stay there and with no other bids the auction ends without a sale? Or does my bid immediately go to $100 skipping any intermediate bidding? So I'm bidding against a reserve price and not another bidder. I'm not a big fan of reserve auctions. If you won't sell the chip for less than $100 then set $100 as the starting bid.
Thanks.