The GREAT BETRAYAL (SIGNED)

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.