What is bidding by proxy?

What is bidding by proxy?

On the day of the property auction, bidding by proxy is where you ask the auctioneer to bid on your behalf. To do this, you'll need to give the auctioneer written instruction as to what your maximum bid is, and also furnish him with a check for 1% of that maximum amount. The auctioneer will then bid for your property on your behalf during the auction. He will also try and secure the property for lowest amount of money subject to it being above the reserve, so that you end up being the successful bidder.