What is online auction?

disclose their reserve price prior to the auction. During the 1990's

matter by the Australian media, with the government in Victoria eventually bowing to pressure and implementing changes to legislation in an effort to increase

transparency.[18]

amount of traffic these sites attract

make online auctions an ideal

English auction, also known as an open ascending price auction. This type of auction is arguably the most common form

place to capitalize on readily available

of auction in use today.[1] Participants bid openly against one another, with each subsequent bid required to be higher than

the previous bid.[2] An auctioneer may announce prices, bidders may call out their bids themselves (or have a proxy call out

a bid on their behalf), or bids may be submitted electronically with the highest current bid publicly displayed.[2] In some

cases a maximum bid might be left with the auctioneer, who may bid on behalf of the bidder according to the bidder's

instructions.[2] The auction ends when no participant is willing to bid further, at which point the highest bidder pays their

sales transactions that result from a competitive

bid.[2] Alternatively, if the seller has set a minimum sale price in advance (the 'reserve' price) and the final bid does not

reach that price the item remains unsold.[2] Sometimes the auctioneer sets a minimum amount by which the next bid must

bidding process conducted over the Internet.

exceed the current highest bid.[2] The most significant distinguishing factor of this auction type is that the current highest bid

consumers and merchants, or between businesses,

is always available to potential bidders.[2] The English auction is commonly used for selling goods, most prominently

antiques and artwork,[2] but also secondhand goods and real estate.

The value of goods and services traded through

Dutch auction also known as an open descending price auction.[1] In the traditional Dutch auction the auctioneer begins

with a high asking price for some quantity of like items; the price is lowered until a participant is willing to accept the

auctioneer's price for some quantity of the goods in the lot or until the seller's reserve price is met.[2] If the first bidder does

not purchase the entire lot, the auctioneer continues lowering the price until all of the items have been bid for or the reserve