More detailed information on Proxy Bidding:
How bidding Works.
Bidding online is a little different then bidding at a live auction. Vonality auctions use 'Proxy Bidding'?
What is Proxy Bidding?
Basically, it's letting the system bid for you when you can't be at your computer to place the winning bid on something. It is a convenient option for people who are not available to bid in person, follow the auction or be at their computers during the last minutes of the auction.
How Proxy Bidding Works...
Let's say you find something in the auction that you want... You're willing to pay $25.00 for it, but the current bid price is only $2.25. You could take the long route and sit at your computer, outbidding each new bid until you reach $25.00.
Thankfully, there's a better way. Here's how it works:
1. Decide the maximum you're willing to pay and enter this amount.
2. Vonality will now confidentially bid up to your maximum amount. In this way, you don't have to keep an eye on your auction as it unfolds.
3. If other bidders outbid your maximum at the end of the auction, you don't get the item. But otherwise, you're the winner--and the final price might even be less than the maximum you had been willing to spend!
Remember... Vonality will use only as much of your maximum bid as is necessary to maintain your position as high bidder. Winning was never easier!
The proxy bidding system is a method whereby a buyer enters in the absolute most that she is willing to pay for an item. At that moment, Vonality servers take over. If you are the highest bidder, then you take the lead, but only enough to beat the former leader by one bid increment, or exactly the amount of the opening bid, if I am the first bidder. If not, then the current leader uses his True Max to Proxy bid enough to maintain the lead.
Your max bid is always kept a secret. At any given time, it shows only enough of itself to take the lead. Only if somebody outbids you will your True Max be revealed, then the other True Max becomes a secret. If you are the current leader, you can still bid, and Vonality will simply increase your Proxy, and won't alter the amount of the current bid.
The proxy system is self-running. You need not worry about the details. You can follow the auction and increase your max bid at any time
What happens if I am a little slower then another bidder at the end of the auction?
Vonality uses an auction extender. This means that every time a bid is placed in the last 60 seconds of the auction, the auction will extend for another 60 seconds. This eliminated fast finger bidding and snipping (placing a bid in the last second of the auction to win)- and just like a normal auction bidding ends once there is only one high bidder left.
