An agreement or directive which allows an authorized person to act as agent or substitute and submit binding bids on behalf of another.
a bid that is placed by a person that is unable to attend the auction on the day of the sale and is honored by the auction company as if it was placed live
a bid you place on an auction item when you will not be at the show to bid in person
a feature where the auction system can place a bid for you on an item
a sealed bid left with an auctioneer or third party indicating the maximum amount that you are willing to bid on a particular lot or item
a way for members to enter a bid on an item and not have to watch the listing and continually increase their bid
A method of bidding in which the computer automatically places bids for you at the lowest increment up to a maximum bid you have set. No Terms Available
The auctioneers can undertake bidding on behalf of buyers unable to attend the auction in person. The buyers must contact the auction house prior to the auction to obtain an official, proxy bidding form. This must then be returned to the auction house with a deposit cheque within the time specified by the auctioneers. The buyer writes the maximum amount they will bid up to on the form and the auctioneers will bid on behalf of the buyer, up to, but not beyond, the stated price.
The minimum interest rate you are willing to bid for an advertised item. Your bid will decrease incrementally as needed down to your minimum bid, which is held confidentially in the system. This will happen only as others bid against you.
Proxy bidding is an implementation of an English second-price auction used on e Bay, in which the winning bidder pays the price of the second-highest bid plus a defined increment. It differs from a Vickrey auction in that bids are not sealed; the "current highest bid" (defined as second-highest bid plus bid increment) is always displayed. In a standard first-price English auction the winner pays the amount of their bid, regardless of competitors' bids, and it is therefore desirable to place a bid that exceeds the current highest bid by the smallest possible increment.