cover bid

Cover Bid

In an auction or other competitive sale, the second-highest bid. The term carries a slight connotation that the bidder was a plant who was simply trying to drive the price higher. This may or may not imply collusion.

cover bid

The second-highest bid in a competitive sale.
References in periodicals archive ?
While the winning bidder ended up being from New York, the cover bid was from a hotel operator in California," said Malka.
Newmark sells non-performing loan: NGKF
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