JPEG’d auctions are Open Ascending auctions. The buyers will start bidding until there’s no more price bidding a higher price. The last person to bid, which is also the person who bids the highest price, will get the NFT.
Auctions last for 24 hours and at the conclusion the winner can claim the NFT. If a new bid is introduced less than 5 minutes before the end of the countdown, the auction is extended by 10 minutes. This process repeats until there are no more bidders.
You can withdraw your bid at anytime if you have been outbid.
At the end of the auction and if you are the weener, you will be able to claim your NFT straight from the auction page.