What is Proxy bidding?
A “proxy”, by definition, is one that is authorized to act for another. Proxy bidding allows the auction site to act as your personal auction bidder, so you can keep bidding on the items you like, without having to sit in front of your computer. By entering a proxy bid amount you are setting a maximum amount (or bid limit) you are willing to pay for a particular item. Your proxy bid is hidden from other bidders. By setting up a proxy bid you are allowing the auction site to automatically bid for you until it reaches your bid limit (the maximum amount you are willing to pay for an item). When the auction site places a bid for you, it is displayed as a proxy bid. Your proxy bid will only go into effect when another bidder places a bid on the auction item you have a proxy set on. The auction site will automatically enter the next acceptable bid for you until it reaches your proxy maximum limit. If someone bids the exact same amount as your proxy maximum limit, because you placed that amou
Under our proxy bidding system you state the maximum amount you are willing to pay for an item. This is known as your Proxy Bid or Bid Amount. Your Proxy Bid may not necessarily be the price you pay (you may pay less, never more). Only you and the Auction Committee know this amount. The computer stores this amount and will automatically place bids against competitors on your behalf, but only enough (Bid Increment for the item) to keep you the Leading Bidder. This will go on until the items Leading Bid EXCEEDS your Proxy Bid. Once your Proxy Bid or Bid Amount has been exceeded you will need to make a decision on whether or not you are willing to re-bid and try to become the leading bidder again.
Proxy bidding means you can enter the maximum bid amount you are willing to pay for an item — but you won’t necessarily have to pay that maximum amount. When you enter the maximum bid amount, the proxy bid system automatically makes your bid just enough to make you the current high bidder — it holds the rest of your maximum amount hidden “in reserve”. As the auction progresses, if someone outbids you, the system will automatically increment your bid to keep you the high bidder — but only just enough to counter any other bids coming in — if no one else bids over the maximum amount you have set, you will automatically win the item at the lowest possible price. This is nice because it means you don’t have to be constantly checking back at the auction to make sure you have not been outbid. If the maximum amount you entered has been reached by another bidder, you will receive an email notice to give you a chance to enter a new bid amount. Proxy bidding is a great tool, but it is always
