How Proxy Bidding Works
1. Pre-Auction Registration: To utilize proxy bidding, participants must register with the auction platform in advance. This registration process typically includes providing contact information, payment details, and agreeing to the auction terms and conditions.
2. Setting Maximum Bids: After registration, bidders can browse the auction catalog and decide on the items they wish to bid on. For each item, they set their maximum bid, which is the highest amount they are willing to pay. This information is kept confidential and not disclosed to other bidders.
3. Automatic Bidding: Once the live auction commences, the proxy bidding system comes into play. If someone present at the auction bids below the proxy bidder's maximum bid, the system will automatically place incremental bids on behalf of the proxy bidder until their maximum amount is reached.
