Learn the Lingo!

Bid Styles and Bidding Formats – Get the Inside Scoop!

There are two styles of bids:

Absolute Bids

When you place an absolute bid, that dollar amount immediately becomes the top bid. This method is good for items you really want to win.

Example: An item is at $300 and you place an absolute bid of $500. You are now the top bidder.

Tip: To keep bidding hassle-free, set an amount that is high enough to keep you in the top bid position.

Proxy Bids

With proxy bids, you set the maximum amount you think you want to pay for an item. You authorize (or give your proxy to) the auction system to increase your bid on your behalf up to the amount you designated. The Auction Site will automatically keep you in the lead (upping your bids by the minimum bid increments) until hitting the maximum amount you specified.

Example:An item is at $300 and you set a limit bid of $500. Each time someone adds a bid, your bid will automatically kick up to the next increment, rendering you top bidder.

Tip:
Always check your watch list to see if someone has bid beyond your maximum.

Bidding Formats

Each auction item has a designated bidding format indicated
by a C or D.

  • C = CombinationBids may be entered as an absolute bid or a proxy bid. Be sure you choose which type of bid by clicking the “radio” button each time a bid is placed.
  • D = DutchAbsolute bids only. Dutch bidding is used when two or more units of the item are auctioned. You must designate how many units you want and specify an absolute bid. To stay in the lead position for the number of units you want, place a reasonably high absolute bid–otherwise you may end up winning only a portion of the number you wanted.Tip: Keep a close watch on dutch bids to be sure you win the number of units you wish. You will NOT get a notice if someone outbids you.

Got It? Now Go Get ‘Em! – auction.greatoldbroads.org