Bidding at Mineral-Auctions.Com
If you are unfamiliar with proxy bidding it basically works this way:
You see a specimen or specimens you like and want to bid on it/them. However, you have only this one opportunity to bid on the specimen(s) of interest. You can submit a separate maximum bid for each specimen and the proxy system will bid on your behalf at $1 increments above the other bidders amount up to your maximum amount entered for each specimen. If you are outbid along the way the system will send out an email notification to you with the particulars of the new high bid. You will not be contacted in the event of the system entering a proxy bid on your behalf.
What triggers a proxy bid and how does it work?
As an example you (User
A) have selected the proxy option and have the highest maxium bid - a bid
of $100 for specimen X.
Do I have to use the Proxy system?
No. You have an option when you bid of having the full amount posted to the bid table. If your entered non-proxy bid is higher than the maximum proxy bid entered by other users then you will be told that you are the high bidder. If your full bid entered is less than the maximun proxy bid entered by another user the system records your bid in the table and then enters a proxy bid on the high Users behalf that is equal to your bid plus $1 and records that to the table.
How come some bids are only one second apart in time of entry?
If the system enters a
proxy bid on a users behalf it will be entered 1 second after the unsuccessful
bidder's entery. It actually happens a lot faster than that but this
is a quick way to know that a proxy system bid has been entered.
Will I have to pay the full amount of proxy bid if I win the specimen?
Only if bidding drives the level to your maximum amount. In most cases the winner will pay an amount less than the maximum amount they were willing to pay for the specimen.
What if the same bid amount is entered at almost the same time.
Fortunately for us computers can work on nano seconds. When a bid is entered it is time stamped and compared to other bids that may be being entered at nearly the same time. It will place the bids in the order received and if one is too late will alert that user that he or she was behind someone else's bid that was higher.
If you have other questions or comments please send John Veevaert a note about them.
Thanks for your interest!
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