About Proxy Bidding
CliffsNotes Version:
Place
your bid
Consider
bidding the highest amount you're willing to pay. We'll bid for you,
just enough to keep you in the lead. We'll keep your high
bid amount hidden from everyone else.
Here's
how bidding works:If
the current bid is $20, and you bid $30, we bid $21 for you.If
no one else bids, you win and pay $21.If
someone else bids $31, we bid for you up to your max of $30.
- Proxy Bidding is an automated 'agent' that you authorize to act in
your place. This 'agent' will bid as little as it is necessary (minimum
bid increments) to outbid other bidders and maintain your position as
high bidder, up to the maximum bid you have entered in the bid box. This
is how it works:
- In the Bid box of a specific auction, enter the HIGHEST
bid you're willing to pay for the lot. The auction system will now place
a bid at the current LOWEST minimum bid.
- If another bidder outbids your LOWEST minimum bid,
the Proxy Bidding agent will automatically place another bid on your
behalf at the minimum bid increment necessary to ensure you're the
winning bidder.
The Proxy Bidding agent will continue to make the LOWEST minimum bids on your behalf up to the maximum amount of your bid until you are the winner, or another bidder makes a bid higher than your Proxy Bid.
- Bid Increments: Bid increments are as follows $1 increments Up to $10.00, $2 increments up to $25.00, $5 increments up to $100.00, $10 increments up to $500.00, $25 increments up to $1000.00, $50 increments over $1000.00