Yup - that's what Max bid is. Click on the word/link for MAX and it explains:
*"Absentee, Ceiling, Limit, Max or Up To" Bids: *Different terms, same meaning. When placing such a bid, you are instructing the auction house to competitively bid on your behalf up to (but no over) a given limit. These bids are kept in strict confidence. This type of bid is for your convenience and can be done online or by calling.
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