What is proxy bidding?

Summary

Automated bidding up to your specified maximum amount

Details Silky Road employs proxy bidding within our auction listings.

When you place a bid in an auction, you authorize Silky Road to bid on your behalf up to the maximum amount you’ve entered in your bid.

After placing your bid, Silky Road’s system automatically places bids in the following increments:

For starting or current bid prices under $1,000, increments of $5 per bid.

For starting or current bid prices under $10,000, increments of $50 per bid.

For starting or current bid prices under $100,000, increments of $100 per bid.

For starting or current bid prices above $100,000, increments of $1,000 per bid.

Once multiple proxy bids are in place, bidding and subsequent increases in the current bid price can occur rapidly due to the fully automated process.