If a bid is not offered at that level, the Auctioneer may proceed backwards until a bid is offered, and then continue up from that initial bid at increased increments
Additionally, I think this card can consolidate sideboard slots for the Tron matchup, as this card will go a long way to disrupting Tron by turning off their Expedition Maps, Chromatic Stars / Spheres, Oblivion Stones, and Walking Ballistas, which in turn takes a ton of pressure off Meddling Mage to name cards like Ugin, the Spirit Dragon and Wurmcoil Engine
a vanilla 3/3 is way less of a threat than that Sanguine Bond or Isochron Scepter we just destroyed
Four life for each extra card the Library nets you isn't nothing, but - at least early on - it's well worth paying, and can launch you ahead of the competition
However, the best way to protect your graveyard is with ample interaction
10 double-sided themed tokens, life tracker, and deck box