What is an opening bid, proxy bidding, and how does bidding work?
Let’s assume you find something that you want to bid on, and you are willing to bid up to $30.00 for it, but the current/opening bid price is only $10.00. Because lots are sold at one increment above the next acceptable high bid, you could constantly check your bid day by day and go back and forth outbidding new bidders as they slowly increase your previous high bid by $1.00 increments until you get to your desired maximum bid of $30.00. Proxy bidding takes the work out of it for you and here is how it works: 1.Determine the maximum amount you are willing to pay and enter it. 2.Our system will incrementally increase your bid as required up to your maximum bid amount. Your maximum bid is confidential; no other bidders are aware how high you are willing to bid. By bidding this way, you do not need to constantly check your bid unless you want to. You will either win the lot at or below your bid, or someone else willing to bid more will win the lot. 3. An example of how proxy bidding works
