The phrase "highest bid" means the amount of money or value that someone is willing to pay, which is more than what others have offered. Full definition
Demand has increased in recovering downtown office markets, with a lack of available space forcing investors to put in high bids for even class - B and class - C office towers. (nreionline.com)
She warned the process would result in higher bidding costs for construction work if there are delays in getting approval. (politico.com)
They've rejected higher bids in the past, why would they accept ours. (justarsenal.com)