This feature applies to the Standard (i.e the Proxy Bidding) engine.
In the proxy bidding engine the bidder gets to place a “Maximum Bid”, i.e this is the amount he is willing to bid up to.
- John’s “River” Painting has a starting bid of $10.
- Betty places a Maximum Bid of $50, this is the maximum she is ready to pay for the painting.
- The starting bid is now $10.
- But Betty decides that she is willing to pay up to $75.
- So she comes back to the auction, and since she is already logged in, enters her new Maximum Bid of $75.
- Now she will only lose the auction if someone bids over $75. Until then Betty’s bid is safe.
This feature works best for auctions that have a variable value, depending on demand and scarcity. So do let your visitors know that they can always increase their “Maximum Bid“. It’s a great way to create interest and excitement for your auctions.
Posted in: Features