Rather than a live auction like you’re probably used to, this is more like a silent auction. Instead of an auctioneer taking bids, there is an Auction Committee that oversees the entire bidding process. Instead of a number of people trying to outbid each other one after another, people submit their Proxy Bid (Maximum Bid); the computer stores the amount and submits bids for you according to a predetermined set of auction rules that are in the top menu bar under the heading ‘Auction Rules’. The benefit of this type of auction is not having to constantly submit one bid after another when you are outbid and, consequently, not having to follow the auction minute by minute as it unfolds (in a multi-day auction that would be very time consuming!) When the auction is finished, the person who has submitted the highest bid will buy the item for that amount plus applicable taxes.