A two-stage auction gives you the opportunity to bid on both single lots and the block and is divided into a First Phase and a Second Phase (extension phase).

FIRST PHASE  
During this phase you can bid on single lots until the timer expires, the time may vary based on the bids received. For further details, read the FAQ: When does an auction close?  

At this point the second phase will open from the auction page. Click the appropriate button to track its progress.

SECOND PHASE  

During this phase you will have the opportunity to bid for the entire block of lots. It lasts for 10 minutes, and the timer and price will be displayed on the auction cover page.  

The starting price of the block will be equal to the sum of all the values reached by the single lots during the first phase, plus a minimum bid increment calculated from the sum of the minimum increments of the single lots.  

Remember that if it is an auction with reserve price, the block price will be calculated by adding all the reserve prices and a minimum bid increment calculated on the sum of the minimum increment of the single lots.  
Also, remember that if you won all the single lots during the first phase of the auction you do not necessarily have to start by placing a new bid at the start of the second phase, you can wait and see if anyone makes a bid for the block.  

If bids are placed during the second phase, the highest bidder will be considered the overall winner.  
On the contrary, if no bids are submitted for the block, at the end of 10 minutes the highest bidders of the single lots will be considered winners.  

You can view the block value even before the first phase expires:

• add the auction or lot in your whatchlist;
• access your watchlist (observed items) where you can check the updated block value.