Definitions for "Minimum Bid"
The starting bid set by the seller during the listing process. All bids must be above this pre-set amount to be valid.
The minimum bid is lowest acceptable bid where bidding may start. The minimum bid in an auction starts at $0.01 by default, however the seller can specify the minimum bid amount when creating an auction.
The owner sets a lowest possible price for which property will sell. He or she must be careful in choosing a minimum price, for if it is set to high, it will discourage people from attending the auction.