What is proxy bidding?

Proxy bidding is a feature that is used on all auctions. A bidder can submit a maximum bid amount and our system will act as a proxy bidder in their absence, placing updated bids for them while trying to keep the bid price as low as possible. This way, when you are bidding, you do not have to be at the auction every minute monitoring your competition.

An example would be having a friend attend an auction for you to bid on a picture. You instruct your friend to bid up to, but no more than $50 dollars for the picture. The bidding for the picture begins at $10 dollars. Your friend would bid $11 for you. Then if another bidder bids $12 dollars your friend would bid $13. This would continue until you had won the item, or the bidding exceeded $50 dollars.

What is a "snipe-proof" auction?

A snipe-proof auction will prevent bidders from grabbing an item at the last second!

If a bid is placed during the last 5 minutes of an auction, the ending will automatically extend by an additional 5 minutes. For example, if a bid is placed with 2 minutes left, the auction will then end in 7 minutes. This process will repeat each time a bid is placed under 5 minutes.

All auctions are snipe-proof in MiBid.

How are bid increments set by MiBid?

The amount of the increment is set by the dollar amount of the highest bid. This is also the minimum amount to be recognized as the new highest bidder.

The table of our automatic increments is as follows:

Current Price	Increment
$0.01 – $99.99	$1.00
$100.00 – $499.99	$5.00
$500.00 – $999.99	$10.00
$1,000.00 – $2,499.99	$25.00
$2,500.00 – $4,999.99	$50.00
$5,000.00+	$100.00
All prices are in U.S. Dollars