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Increase Maximum Bid

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.

For example:

  • 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