One of the mysteries of the English language finally explained.
1(in an auction) make a higher bid than a previous bid.‘I'd once seen him blithely overbid for a tiny James I miniature portrait’
- ‘However, anecdotal stories are now appearing, suggesting that many people have figured this out, and overbidding for the sake of ‘winning’ is becoming less common.’
- ‘But this guy overbid me by something like 50% of my maximum bid.’
- ‘Media hype and too much wine at dinner may lead a wealthy collector to overbid for a work at auction (but there must have been an underbidder).’
- ‘On the other hand, in his determination to secure the property, he may overbid by a margin greater than necessary.’
- ‘Knowledge is power, and that way you won't overbid.’
2(in competitive tendering, the auction at bridge, etc.) bid more than is warranted or manageable.
- ‘‘Now our larger competition is overbidding prices like crazy,’ he says.’
- ‘Presumably it is legal to expose an identical pair to begin with to make it more difficult for other players to overbid, or to overbid a single card directly with a triple, and so on.’
- ‘So canny employers are often willing to pay the finest foreign talent even more than they pay local talent - not underbidding for foreign talent, as nativists fear, but often overbidding.’
- ‘Work with a top-flight real estate agent who's seen several business cycles in the area, who can help you understand pricing trends there so you don't overbid.’
A bid that is higher than another or higher than is justified.
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