A question about price is right?

Ok, so I'm watching the Price is Right. So they call a new contestant down and the object to bid on is a new Apple iPad. They all make their bid. Actual retail price is $929. The lady who bids $750 wins, not the lady who bid $950 which made me confused. I thought the one who got the closest to the actual price won. Isn't $950 closer to $929 and not $750? And no, I'm not mistaken. I know what I saw and heard. Can anyone clear this up? Did the rules change? I haven't watched it all that much since Drew carrey took over.