What is a proxy bid?

A proxy bid is a type of bid that allows bidders to place a maximum bid on an item without having to be present at the auction. This is done by providing the auction house with a proxy bid form, which specifies the maximum amount that the bidder is willing to pay for the item. If the item sells for less than the proxy bid, the bidder will not be charged. However, if the item sells for more than the proxy bid, the bidder will be charged the difference.
Proxy bids are a popular option for bidders who are unable to attend an auction in person, or who do not want to risk overpaying for an item. They can also be used to place bids on items that are expected to sell for a high price.
Here is how proxy bids work:
The bidder fills out a proxy bid form and specifies the maximum amount that they are willing to pay for the item.
The auction house receives the proxy bid form and keeps it on file.
When the auction begins, the auction house will bid on behalf of the bidder up to the amount specified on the proxy bid form.
If the item sells for less than the proxy bid, the bidder will not be charged.
If the item sells for more than the proxy bid, the bidder will be charged the difference.
Proxy bids can be used in a variety of auctions, including online auctions, live auctions, and silent auctions. They are a convenient and easy way to place bids on items without having to be present at the auction.
Here are some of the benefits of using proxy bids:
Convenience: Bidders do not have to be present at the auction to place a proxy bid.
Peace of mind: Bidders can set a maximum bid and be confident that they will not be charged more than that amount.
Competitiveness: Bidders can place bids on items that are expected to sell for a high price without risking overpaying.

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