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Auctions in iEra are a bit different. You need luck too, because having the most money does not necessarily guarantee you a victory. You can only bid in increments of $100.
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Well seeing that one of the top bids yesterday was I think 100k+ for a katana that price Eliminates a lot of people even some moderately rich people you can't have luck if you don't have the money to bid in the last minute.