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Sales, Swaps, Auction & Approvals/Auction Disc. : Can Someone Explain the Proxie Bid Feature?

 

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lemaven
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18 Jun 2016
11:54:28pm
I saw an Auction that was at $1.00 and it said my minimum bid was $1.10 but when I put it in it came back as "unsuccessful". I then saw the previous high bidder was now in the lead at $1.20 with the notation "Proxie".

So I guess outbidding the highest bid does not make me the highest bid. I'm a bit befuddled. How does this work?

Thanks. Dave.
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youpiao
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19 Jun 2016
12:38:33am
re: Can Someone Explain the Proxie Bid Feature?

Let's say you feel you would be willing to pay $2.00 for that stamp. You can enter that bid amount, but, if the current bid is only $1.00, the system is only going to register $1.10 (or whatver the bid increment is. That is because you only have to win the auction by one bid increment above the second highest bidder.)

If the person who had the $1.00 bid now comes back and bids $1.20, the system enters his $1.20 bid, but because you already entered $2 as your max, the system jumps the other person's bid automatically on your behalf, to $1.30, and tells the other person he/she has been outbid. The system is bidding for you (acting as your proxy), up to your stated maximum.

Ted

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michael78651
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Moderator, MT Member

19 Jun 2016
02:10:24am
re: Can Someone Explain the Proxie Bid Feature?

Proxie bids let you place the highest amount you're willing to pay for an item and then the system will bid on your behalf as needed up to that amount. Less for the bidder to worry about.

An advantage to using a proxie bid rather than just making a minimum, or the next incremental bid is that in the event of a tie, the bid placed earliest wins the item. If you placed a $2.00 bid on an item with an opening bid of $0.25, and others bid you up to $2.00 when the item closed, you would win the item, because your bid starting at $0.25 and ending with a proxie bid of $2.00 would have been placed before all the other bids.

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michael78651
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Moderator, MT Member

19 Jun 2016
02:30:09am
re: Can Someone Explain the Proxie Bid Feature?

Information about proxie bids and much more is contained in the Auction Tutorial. It can be found under the RULES link on the Auction page.

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vinman
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19 Jun 2016
06:19:39am
re: Can Someone Explain the Proxie Bid Feature?

It works the same way as it does on ebay. When you give ebay your bid they will keep bidding for you up to that amount. This way if you have the highest bid even if it is many times higher then the present bid you will only bid one increment above the current bid.
Vince

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lemaven
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19 Jun 2016
10:38:33am
re: Can Someone Explain the Proxie Bid Feature?

Thanks everyone for the explanations. Sounds like a great system and confirmed my sneaking suspicion. I was afraid to try it though in case I ended up getting caught overpaying but since it's a "future cap" more than an "immediate commitment" I'm a lot more comfortable.

Thanks again, Dave.

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michael78651
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Moderator, MT Member

19 Jun 2016
10:46:44am
re: Can Someone Explain the Proxie Bid Feature?

You won't "overpay", unless you "overbid". The bidder controls how much is bid.

The key to all bidding is to not bid more than you're willing to pay for an item.

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cdj1122
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Silence in the face of adversity is the father of complicity and collusion, the first cousins of conspiracy..

19 Jun 2016
11:40:35pm
re: Can Someone Explain the Proxie Bid Feature?

And avoid ego driven bidding wars. Just because someone out bids you does not make him or her your sworn enemy who must be defeated at any cost. If the bidding passes your maximum it simply means someone wants the lot more than you do.
It's not personal.
Usually, anyway.

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Author/Postings
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lemaven

18 Jun 2016
11:54:28pm

I saw an Auction that was at $1.00 and it said my minimum bid was $1.10 but when I put it in it came back as "unsuccessful". I then saw the previous high bidder was now in the lead at $1.20 with the notation "Proxie".

So I guess outbidding the highest bid does not make me the highest bid. I'm a bit befuddled. How does this work?

Thanks. Dave.

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Login to Like
this post
Members Picture
youpiao

19 Jun 2016
12:38:33am

re: Can Someone Explain the Proxie Bid Feature?

Let's say you feel you would be willing to pay $2.00 for that stamp. You can enter that bid amount, but, if the current bid is only $1.00, the system is only going to register $1.10 (or whatver the bid increment is. That is because you only have to win the auction by one bid increment above the second highest bidder.)

If the person who had the $1.00 bid now comes back and bids $1.20, the system enters his $1.20 bid, but because you already entered $2 as your max, the system jumps the other person's bid automatically on your behalf, to $1.30, and tells the other person he/she has been outbid. The system is bidding for you (acting as your proxy), up to your stated maximum.

Ted

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michael78651

Moderator, MT Member
19 Jun 2016
02:10:24am

re: Can Someone Explain the Proxie Bid Feature?

Proxie bids let you place the highest amount you're willing to pay for an item and then the system will bid on your behalf as needed up to that amount. Less for the bidder to worry about.

An advantage to using a proxie bid rather than just making a minimum, or the next incremental bid is that in the event of a tie, the bid placed earliest wins the item. If you placed a $2.00 bid on an item with an opening bid of $0.25, and others bid you up to $2.00 when the item closed, you would win the item, because your bid starting at $0.25 and ending with a proxie bid of $2.00 would have been placed before all the other bids.

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"Author: Seasons of Fantasies and Dreams, The Whitechapel Fog"

www.hipstamp.com/sto ...
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michael78651

Moderator, MT Member
19 Jun 2016
02:30:09am

re: Can Someone Explain the Proxie Bid Feature?

Information about proxie bids and much more is contained in the Auction Tutorial. It can be found under the RULES link on the Auction page.

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"Author: Seasons of Fantasies and Dreams, The Whitechapel Fog"

www.hipstamp.com/sto ...
Members Picture
vinman

19 Jun 2016
06:19:39am

re: Can Someone Explain the Proxie Bid Feature?

It works the same way as it does on ebay. When you give ebay your bid they will keep bidding for you up to that amount. This way if you have the highest bid even if it is many times higher then the present bid you will only bid one increment above the current bid.
Vince

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"The best in Big Band and Swing Music WRDV.org"

wrdv.org/
Members Picture
lemaven

19 Jun 2016
10:38:33am

re: Can Someone Explain the Proxie Bid Feature?

Thanks everyone for the explanations. Sounds like a great system and confirmed my sneaking suspicion. I was afraid to try it though in case I ended up getting caught overpaying but since it's a "future cap" more than an "immediate commitment" I'm a lot more comfortable.

Thanks again, Dave.

Like
Login to Like
this post
Members Picture
michael78651

Moderator, MT Member
19 Jun 2016
10:46:44am

re: Can Someone Explain the Proxie Bid Feature?

You won't "overpay", unless you "overbid". The bidder controls how much is bid.

The key to all bidding is to not bid more than you're willing to pay for an item.

Like
Login to Like
this post

"Author: Seasons of Fantasies and Dreams, The Whitechapel Fog"

www.hipstamp.com/sto ...

Silence in the face of adversity is the father of complicity and collusion, the first cousins of conspiracy..
19 Jun 2016
11:40:35pm

re: Can Someone Explain the Proxie Bid Feature?

And avoid ego driven bidding wars. Just because someone out bids you does not make him or her your sworn enemy who must be defeated at any cost. If the bidding passes your maximum it simply means someone wants the lot more than you do.
It's not personal.
Usually, anyway.

Like 
1 Member
likes this post.
Login to Like.

".... You may think you understood what you thought I said, but I'm not sure you realize that what you think you heard is not what I thought I meant. .... "
        

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