It is really sad that I still don't understand how these auctions work. Question/statement:

Suppose the winning bid is $62.00. What happens next? The winner of the auction pays $62.00, which is then divided by 2 at $2 a chip, and as the winner this person choses of the chips posted the 31 they want? If I have this correct then you have no idea because my brain works differently. Let me just say I managed to get through undergad and grad school without taking Math. Personally, I'm thinking that's a genius in a whole other realm.........