Yes, you lose that money, and I lost when I bid, but others are bidding too, so I lost about 10 pennies ($8)but if you win, you've got something worth a couple hundred for VERY cheep...just a risk, "penny auction".. how they work, there are others online, but this is the only one I guess 'just' for quilters. Later he'll offer soap making and scrapbooking. Still, just an option.
I'm not a regular on either ebay or sewbids, but it's nice to look when I'm interested from time to time... I bought lots of tools, rulers, rotaries for my 4 daughters and my supplies, at fraction of what it would cost me locally...more money for fabrics, classes, and quilt retreats....in this day and age, could be needed for more bills again, ugh.