[YouNeverKnow25]

are you sure that's what they mean by "proxy bidding," Peter?

typically in the auction world, that terms refers to a specific style of pricing the item--the winning bid is not the actual highest bid, but the second-highest bid plus X

if you and me are the only two bidders, and I bid 5 dollars but you bid a million, you'd get it for 5 plus the variable. it's a means to encourage people to bid what they're actually willing to pay at the outset, rather than starting at like, a dollar and interminably increasing it in tiny amounts in an attempt to defeat bidders.

the "proxy" term comes from how the currently winning bid is displayed. same scenario as before, you and me bidding: but Lee wants to bid. when Lee entered the online auction, the CWB he'd see would be (5+X). he tries to bid 1,000. he wouldn't win, but he serves to increase your ultimate price in proxy.