Proxy Bids
Our auctions use proxy bidding, similar to the way that bidding on eBay works. You can safely bid the maximum amount that you're willing to pay, and the proxy bidding system will keep your max bid secret. You will win the item at an amount equal to the second highest bidder's bid plus the bid increment (unless you hit your max bid). As other bids come in, your bid will automatically bump up to keep you in the lead, up to the limit of your max bid.
In the case of a tie, whoever submitted their bid first wins the tie.
Example:
- Peter Parker is currently the high bidder on an item. His maximum bid is $95, but he's the high bidder with a current bid of $50.
- Harry Osborn decides to bid on the same item and enters a bid of $51. The proxy bidding system automatically bumps Peter's current bid up from $50 to $52, equal to Harry's bid plus the $1 bid increment. Peter remains the high bidder.
- Harry tries again with a bid of $72. He still has not beaten Peter's max bid, so the proxy bidding system bumps Peter's current bid up to $73 ($72 plus $1 bid increment) and he remains the high bidder.
- Finally, Harry decides he must have the item, and enters a bid of $150. Since this exceeds Peter's maximum bid, Harry is the new high bidder, with a current bid of $96 (Peter's $95 maximum plus the $1 bid increment). If no further bidding occurred before the end of the auction, Harry would win the item and would pay $96.
