how does the 'maximum bid' work?

Just won a bid which was climbing in small increments until the very end. My max bid was £13, the 5th bid was £9.83 and I won on the 6th bit, at £13.... surely my winning bid should have been  £10 or £10.50. How does it all work?

Kind regards

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Although the 5th bid was showing at £9.83, their hidden max bid must have been £12.50.

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