Q: What is an opening bid, proxy bidding,
and how does bidding work?
A: Let's assume you find something that
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
bid, you could constantly check your
day by day and go back and forth
outbidding new bidders as they slowly
increase your previous high bid by
increments until you get to your
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
your bid as required up to your maximum
bid amount. Your maximum bid is
confidential; no other bidders are
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
is as follows: Let's say there are
bids of $10, $15 and $30, we would use
$15 (the 2nd highest) and add one
increment to it ($1 at this level) and
establish a current/opening bid of $16.
Only the high bidder of $30 knows how
much "room" he/she has before they run
the risk of being outbid.
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