proxy bid
Delegated auction ceiling
A proxy bid is a maximum amount set in advance for an auction, allowing the system to bid automatically on your behalf up to that limit.
Common in online auctions, it lets you compete without monitoring every bid: I set a proxy bid of $200 and won the lamp for $175.
The system bids only as much as needed to stay ahead, revealing your maximum only if challenged.
- auctionCompetitive public sale
- online auctionInternet-based competitive sale
- absenteeOne not in attendance
- reserveSupply kept back
- maximumGreatest permitted quantity
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