Tuesday, September 20, 2005

Proxy Bid / Absentee Bidding

source www.luv2bid.com

Proxy Bidding to those familiar to eBay is very simular to placing a bid on the popular online auction site's bidding form. At eBay you input "Your maximum bid". After reviewing your bid the maximum bid on the auction is increased until someone places a maximum bid that is larger than yours. The same sort of process happens at live auctions. Usually you provide to someone associated with the auction company your contact information, and your maximum bid for the item. This can happen with an online form, by phone or in person. The proxy may be the auctioneer himself or someone working for the auction company. They may start the bidding for the item at some percentage of your maximum bid. The proxy will stay in the bidding outbidding other bidders until he/she has reached your maximum bid or until you have won the auction. If you win you will then be contacted by the auction company.

Here are a couple of things to make sure of before you make a proxy bid. Make sure that your bid does remain a secret or you will be paying your maximum bid for your desired item. Make sure you know exactly what you are bidding on so that you do not pay too much for your item. Know the terms for paying for the item in question and what sort of information you need to give to the auctioneer before you make your bid.

Proxy bidding is a great way to make a bid for a particular item that you may want. It will allow you, the bidder, to make one bid and then essentially forget about the auction until it is over saving you some time and will also keep you from getting caught up in the action and then bidding over your budget. Of course you really want a particular item it may be best to stay at the auction and bid for your item in person. Loosing a cherished antique to another bidder is bad enough. Losing by a dollar or two is heartbreaking.