The StorageTreasures auction system accepts bids in increments of $10 ($10, $20, and so on). If you prefer,
you can monitor auctions very closely and respond to the bids of other buyers in real time. However, you also
have the option to use a Proxy Bidding strategy. If you already know the maximum bid that you are willing to
submit, you can enter the entire amount in advance, and your maximum bid - which is NOT visible to other buyers
- is committed to bids in the smallest possible increments so that you may not need to pay out the entire amount
to win an auction.
For example, if the high bid for an auction is currently $30, and you decide to make your Maximum Bid $100, your
initial bid is really only for $40, with the remaining $60 held in reserve, to be used if needed. So if another
buyer then bids $50, your bid is automatically increased to $60. If that turns out to be the winning bid, then the
other $40 you had in reserve is not applied - and yours to keep. Otherwise, you are only notified of other bids if
and when another buyer exceeds your max bid. Using a Proxy Bidding strategy is a good way to participate in more
auctions with the least amount of bid tracking!
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