You get your money back if someone outbids you! That refund is based on the time remaining in the auction when you bid. The earlier you bid, the more money you get back.

For example, you get 96% of your bid refunded if you placed a bid when the auction still had 23h 34m 32s remaining. The refund rate decreases ~4% per hour to encourage early participation. The following table provides an example of how the smart contract handles refund on a sample bid of $100.