What is a Proxy bid?
A proxy bid allows bidders to set the maximum value they are willing to pay for an item. If you choose to enter a proxy bid, this amount is always kept confidential from other bidders, however, a will be displayed next to your bid price. Our proxy bidding software then enters the lowest possible winning bid for you. If another buyer bids (in real time or by proxy), we will automatically raise your bid until you are winning or have reached your maximum value. If your maximum value is reached, we will notify you automatically by e-mail that you have been outbid.
A proxy bid is an absentee bid. If you are unable to participate in an auction, a proxy bid enables a member of our auction staff to bid on your behalf. Your bid will go through the standard bidding process. Our auction representative will go up to, but no higher than your top bid, trying of course, to purchase the item(s) for less than your maximum bid if possible. Please note that the buyer’s premium will be added to your winning bid amount; determine your maximum bid accordingly. Please read the guidelines and complete the proxy bid form to submit a bid.
A – A proxy bid is a form of incremental bidding with a maximum bid amount set by the bidding party – you. You enter your first bid and specify a maximum amount to which that bid may be increased incrementally as stated for the particular lot being auctioned. Your bid will be automatically increased in the applicable bid increments only to keep your bid the highest bid in the auction until you are the highest bidder at the close of the auction or until your maximum proxy bid amount is exceeded by another bid. However, in a “minimum reserve” (the amount the Seller will accept for the Property) auction, if your current bid is the highest bid at the close of the auction period but is less than the minimum reserve amount for the Lot, there is no sale of the Property. The maximum proxy amount is a confidential number that is not revealed to the Seller or to other bidders without the proxy creator’s permission. Proxy bids are valid, binding bids and when in effect, raise the current bid by t
To place a Proxy Bid, decide your maximum bid amount and enter it in the bid box. The system will confidentially store your maximum bid amount and will automatically bid on your behalf in increments up to your maximum bid. Bids will only be placed on your behalf in order to maintain your position as the winning bidder, and will only be placed up to your maximum bid amount. If other participant bids outbid your maximum bid, you will not win the auction.
To place a Proxy Bid, decide your maximum bid amount and enter it in the bid box. The system will confidentially store your maximum bid amount and will automatically bid on your behalf in increments up to your maximum bid. Bids will only be placed on your behalf in order to maintain your position as the winning bidder, and will only be placed up to your maximum bid amount. If another participant bids outbid your maximum bid, you will not win the auction.
