A Proxy Bid is similar to a sealed or absentee bid. Your Proxy Bid is the maximum amount that you are willing to bid on an item. Your current Proxy Bid is highlighted as 'Your Maximum Bid' on the site after you log in. Proxy Bidding is a very useful function with an online platform where the auction lasts for 7 days as it enables you to place a bid for the maximum amount that you are willing to pay for the item without having to be at an internet connection for the duration of the auction. The system will accept your Proxy Bid and bid on your behalf. If anyone places a bid lower than your Proxy Bid, the system will automatically outbid the other user and will increase your bid to one increment above the bid that has been placed by the other user. If another user places a bid higher than your Proxy Bid, that bidder will become the highest bidder at one increment above your Proxy Bid. You will at this point receive an email notifying you that you have been outbid.
You may at anytime increase your Proxy Bid (Your Maximum Bid) if you want to increase your chances of winning an item.
If at the end of an auction you have the highest bid on an item, the maximum you will ever pay is one bid increment above the bidder who has the second highest bid (as well as buyer’s premium and any other item related costs).
If there are two Proxy Bids of the same amount, the first registered Proxy Bid takes precedence. The Proxy Bidding function is activated only when the ‘Reserve Price’ has been met.
You are the only user that will see your Proxy Bid (Your Maximum Bid) – no other user can view your Proxy Bid. This information is strictly confidential and is only accessible to you and you alone.