PHILIPPS, 1820 SETTLER:

The value entered here, by you, authorises us (our computerised bidding system) to bid on your behalf, up to the amount you enter exactly as if you were placing a traditional commission bid.

For example, you could enter a proxy bid of say $400 on a lot. Our system will place bids that exceed other bids by 5% until either you have won, or your proxy bid (of $400) is exceeded by a higher bid.

If the last competitive bid is say $170, then you will win the item for $179 (that is $170 plus the 5% bid increment); even though you were prepared to go up to $400.

Note: you can increase your proxy bid as many times as you like without 'bidding against yourself'.

Your proxy amount is kept confidential from other bidders.