First, check the coins being earned per user per day by clicking the blue bar graph beside the Opening bid label. Find out how many coins the average person is earning per day to help you determine the cost of the opening bid.
When creating an Auction Item, enter the cost for the Opening bid. The Bid increment is the amount the item increases in price after each new bid and is automatically added. The Bid fee is the charge for making a bid. A losing bidder will have their coins returned except for the Bid fee.
The winner of the auction will be notified by email and/or internal notifications. The item will be placed in the users' "Pending Redemptions" and they will need to redeem the item in order to obtain it.