MXPA05013693A - Online bidding system - Google Patents

Abstract

An online auction system comprising a preliminary bidding portion and a virtual auction portion is disclosed herein. The preliminary bidding portion allows bidders to access auction items and input bids during a preestablished extended period of time. After the preliminary bidding portion concludes, the virtual auction portion provides bidders the opportunity to input bids on each item consecutively and individually from the preliminary auction portion in a manner similar to a conventional live auction. During the virtual auction portion, bidders are provided with a countdown to encourage further bidding before the previous bid becomes final. After each new bid is inputted, the countdown is reinitiated. The countdown is reinitiated until no new bids are input. An alert system notifies bidders that a particular item of interest is about to be offered for bid as part of the virtual auction portion. The system also provides bidders means for inputting proxy bids.

Description

ON-LINE SUPPLY SYSTEM REFERENCE TO RELATED APPLICATIONS This application claims the benefit of Provisional Application No. 60 / 479,716, filed on June 18, 2003. FIELD OF THE INVENTION The embodiments of the present invention relate to an auction provided by a computer network. More particularly, a global computer network that provides a structure to implement a single auction system. BACKGROUND The Internet is the most widely recognizable global computer network in existence. Internet computers are linked through globally unique address space called Internet Protocol (IP) addresses. Since its explosion in the early 1990s, the Internet has improved the prosperity of businesses related to everything from gaming to music to retail sales. In fact, as more and more people have had access to the Internet and have learned to effectively navigate the Internet, Internet sales have continued to increase at an incredible speed. An extremely successful online business has been the advent of the online auction.

On the other hand, online auctions have fraud and conspiracy of auctioneers reduced between a living auctioneer and living bidders. In addition, online auctions are unlimited in scope. Because of its ease of use, online auctions attract millions of sellers and buyers each and every day with the sole purpose of auctioning and buying items. Clearly, live auctions of that scale are not realistic where bidders must be physically present. Traditionally, live auctions use a format in which items placed for auction are placed on an auction sale list. ? Then, the items listed are auctioned consecutively at a previously established date and time. When the live auction begins, an item mentioned at one time is auctioned until no items remain. The auction of individual items ends when no additional offers are submitted. In contrast, typical online auctions allow multiple items to be auctioned simultaneously. The start and end time for online auction items is independent of the other items being auctioned. Additionally, online auctions end at a pre-established time instead of when offers are no longer delivered additional Even though the recognized auction web sites are very successful, the current online auction format is slow, annoying and often inefficient to store a maximum sales price for the items being auctioned. By way of an example, typical online auctions allow sellers to auction items for a pre-set length of time (eg, days). When bidders go online to access and view an item of particular interest, they are provided with a record of how much time remains until the auction ends. As people offer for a particular item, they can only hope that another bidder does not offer so close to the end of the auction that it is then impossible for the original bidder to place another bid. Of course, under the existing online auction format such intentional late bidding is a frequent or planned occurrence. In addition, this online auction format does not encourage any "frenzy" of real offer until the last minutes of the auction. Unfortunately, for sellers in this online auction format it does not always result in an offer environment that allows the seller to maximize the sale price of their item for auction. In other words, just as you have Once the "frenzy" of the offer has begun, the offer is routinely completed in accordance with the pre-established time set for the expiration of the auction. Thus, there is a need for an online auction system that provides sellers with a legitimate opportunity to maximize returns, while retaining the inherent benefits for both sellers and buyers of conventional online auction systems. COMPENDIUM Accordingly, the embodiments of the present invention provide a pre-established length of time during which online bidders may offer on items presented simultaneously (hereinafter referred to as "preliminary offer"). However, the duration of time acts as a downward count to a beginning of a virtual auction instead of a falling count associated with an end of the auction. The preliminary offer portion of the auction allows online bidders to view all items that are being sold and place bids in a manner analogous to current online auction sites. However, once the preliminary offer portion ends, the virtual or dynamic auction portion begins and is conducted analogously to an auction traditional live (hereinafter referred to as "virtual auction"). Therefore, during the virtual auction portion, the items are auctioned consecutively. The initial bid for the virtual auction is the final high bid obtained from the preliminary bid portion. Once the virtual auction begins, online bidders can continue submitting offers until no additional offers are expected. For example, if an item for sale as part of the preliminary offer portion ends with a current high offer of $ 500, the virtual auction portion opens with a beginning offer of $ 500. The bidders then receive the opportunity to enter a higher offer within a pre-established period of time (eg, 30 seconds). The difference between the actual high bid and any new bid submitted may also need to fill a pre-established minimum bid increase. In other words, new offers may require at least a minimum amount of money (eg, $ 5 or $ 1.00) more than the existing high offer. To encourage a "frenzy" of supply a downcount counter is displayed on the screen of each online bidder during the virtual auction. Additionally, words or phrases associated with auctions, such as "leaves, leaves, leaves," can be presented on the computer screen and / or be audibly available to online bidders. The virtual auction continues until each item offered during the preliminary offer portion has been auctioned individually at its conclusion. Bidders participating in the preliminary offer portion have the option to authorize a computer server to submit offers on their behalf up to a specified maximum amount. In other words, the bidder authorizes the computer server to act as a representative to submit bids on behalf of the bidder. If the bidder that causes an offer of representative to submit is the bidder raised during the preliminary bid portion, the computer server will continue to submit higher bids, if necessary, during the virtual auction portion. The system is automatically offered by the bidder until the maximum representative offer is exceeded or the offer is stopped at or below the maximum bid amount. The particularity of automatic offer has been called "Offer Steward" by the applicant. In a similar way, the automatic bid feature can also be used during the preliminary auction portion.

Online bidders may also be required to be alert that a particular item is about to become the material issue of the virtual auction. In this way, online bidders do not have to pay attention to numerous individual auctions related to items in which they have no interest. The alert can be in the form of a subtle audible alarm, a phone call, a scintillating PC presentation, instant messaging or some other means of notification. In general, any means to alert the bidder is applicable. While briefly described above, the auction system comprises many features and attributes that are described in more detail below. BRIEF DESCRIPTION OF THE DRAWINGS Figure 1 is an illustration of a conventional global computer network; Figure 2 is an illustration of a bidder screen that was accessed during an auction portion of the auction system modalities; Figure 3A is an illustration of a bidder screen during a virtual auction portion of the auction system modalities; Figure 3B is another illustration of a screen of bidder during a virtual auction portion of the modalities of the auction system; and - Figure 4 is an illustration of an offer matrix. DETAILED DESCRIPTION Reference is now made to the figures in which the similar parts have reference to similar numbers in them. A conventional global computer network generally illustrated as a reference number 100 includes a plurality of computers linked together. Network 100 shows all computers to communicate with each other. For example, a home personal computer (PC) 120 can be linked to the network 100 (e.g., the Internet) through a telephone line modem, DSL or other cable modem 130 that speaks to a service provider 140 Local Internet (ISP). In a business environment, the business will usually have a network interface card (NIC) that connects directly to a local area network (LAN) within the business. The LAN comprises a plurality of local computers 150-1 to 150-N. The business then connects its LAN to the local ISP 140 using a high-speed telephone, such as an IT 160 line. Each local ISP 140 then connects to a larger regional ISP 170 in a way than the regional 170 ISPs older connect a geographical region. Regional ISPs 170 then connect to even larger ISPs 180 that connect the world. In this way, every computer on the Internet is connected to every other computer on the Internet. To keep all computers straight, each computer on the Internet is assigned a unique address called an Internet Protocol (IP) address. The IP address comprises a series of numbers. Since most people have problems remembering the series of numbers that form an IP address, and since the IP address sometimes needs to be changed, all servers on the Internet also have human-readable names. The servers provide services that include software applications to the user machines (that is, non-server computers). The embodiments of the present invention are facilitated by the Internet but do not include altering the Internet as it is currently operated. Therefore, for brevity's sake, the minute details of the Internet and its operation are not discussed here. In a first embodiment of the present invention, an auction comprises a preliminary offer component and a virtual auction component. At Preliminary offer component, online bidders have access to the IP address / domain name corresponding to a website that offers the auction service. Once the bidder has had access to website, you may be required to register for the auction. The registration process may include that the supplier provides personal or business information (eg, name, address, telephone number, etc.), provide a payment method (eg, credit card number, bank account number, etc.), in case the provider prevail with respect to specific article or articles and any other information necessary to implement the online auction, such as a username and pass word distribution. Once the registration process is complete the bidder receives access to the articles for bid. It is further seen that a registered bidder may be able to access a preliminary auction and a virtual auction by marking on identified icons or 30 windows displayed on an auction website or website linked to the auction website. All items offered for bid are assigned a particular auction date and time and are grouped into a "sales list" with other items assigned to the same date and time. Each article is accompanied by a written description and at least one or more static images of the article. Optionally, the bidders can see a video type presentation of the article. Alternatively and additionally, the bidders can be provided with access to a dynamic image that can be rotated through 360 degrees allowing a full view of it. The specific presentation of the article is based on the preference of the specific website offered by the auction. The objective is to provide the bidders with a full and complete understanding of the article and its condition so that the bidders can make an educated offer. During the preliminary offer portion of the auction, bidders may enter bids on any item contained in the sale list until the preliminary offer portion ends at a pre-established time. For example, the preliminary offer portion may last as little as one day, but more often the preliminary offer portion lasts longer (eg, two weeks) so that bidders can review and enter bids in a bid. Article in an open offer format. The preliminary offer typically ends at some pre-established time before the scheduled start time of the virtual auction. A current high bid, together with an increase in minimum required bid and lowest possible bid, is present for the bidder to review. In this way, during the preliminary offer portion, bidders are free to enter offers on any of the desired items. During the preliminary bid portion of the auction, bidders may also enter representative bids. Representative offers are offers that indicate that the bidder is willing, if necessary to offer more up to a maximum amount specified by the bidder. Representative offers usually, but not always, are a regular amount above the current offer. Therefore, if the current offer is $ 100, a bidder may enter a representative bid of $ 250 indicating that the bidder is willing to pay up to $ 250 to buy the item. During the preliminary offer portion of the auction, the website, or more precisely the website server, on behalf of the bidder that submitted the representative offer, will submit bids in the minimum bid increase (eg, $ 10) in response to each higher offer submitted by another bidder. However, the offer of the bidder never automatically increases above the representative bid of $ 250. In the aforementioned example, the first offer of the representative bidder can automatically enter as $ 110 (that is, $ 10 more than the previous high offer).

If another bidder enters an offer of $ 120, the server automatically increases the offer of representative bidder to $ 130. This procedure continues until an offer exceeds $ 250, at which time the representative's bidder is eliminated since the offer has exceeded its maximum bid amount, or the bidder's offer of representative, which is less than or equal to $ 250, causes that all other bidders stop the offer. As described in detail below, regardless of the outcome of the preliminary offer portion of the auction, the item remains available for auction during the virtual auction portion. In other words, the item has not been sold. If in the same example, the preliminary offer ends at 4200 and the representative bidder is the high bidder, the server will continue to submit representative bids, without exceeding 4250, on behalf of the bidder during the virtual auction. Referring now to Figure 2, a bidder screen 200 that is accessed during a preliminary bid portion of the auction system modalities is shown. It is noted that the bidder screen 200 is probably not the first screen that online bidders will see when they access the website offered by the auction. In most cases, the first page is probably an auction company screen that provides bidders and other online users with information related to the auction company and links to other materials of interest, including sales lists. Also, the first page includes a link to the bidder's screen 200, or an indirect link reachable by the first view of a sales list or some other method of locating the desired items to view and offer. In a first mode, the bidder screen 200 is accessible only after the aforementioned registration process has been completed and after the item has been selected from the auction sale list that has otherwise been located through the auction. of various search functions provided on the website. Ideally, to have access to the bidder's screen 200, the bidder must enter the user name and pass word selected during the registration process. Screen 200 includes article images 210, a written description of article 220, a bid entry window 225 and an offer delivery icon 230. The screen also includes instructions 235 regarding the Offer Steward. The Offer Steward oversees the auction and increases bidder bid according to a maximum entry offer. In this way, once the Offer Steward reaches the bidder's maximum bid, the Offer Steward stops placing incremental offers for the bidder. The screen may also have a countdown counter (not shown) showing the amount of time remaining for the preliminary offer portion of the auction and a time window (not shown) to show the start time of the portion of the auction. virtual auction. Alternatively, a representative offer sale to allow bidders to place representative offers may be presented on the screen 200. Optionally, the display 200 may also include an icon to rotate the article images 210 or an icon to reproduce an illustration of current video of the article that is being auctioned. The screen can also present an offer record to present the preliminary offer history as explained, with respect to the virtual auction portion, in more detail below. The offer entry window 225 allows bidders to enter offers. The bid entry window 225 treats bids in excess of the next bid increase as representative bids. For example, if the current high bid is $ 500 for a first bidder and the minimum bid increase required is $ 50, the next offer must be $ 550. However, if a second bidder decides to enter an offer of $ 1,000, the offer is treated as a representative offer. In this way, the current high bid is set at $ 550 and credited to the second bidder. If the first bidder then offers $ 600, the system automatically increases the offer of the second bidder to $ 650. This continues until the second bidder is the top bidder without additional incoming bids or until the bid of the second bidder of $ 1,000 is exceeded. Then, if desired, the second bidder can enter another offer or series of offers. The length of time of the preliminary offer portion of the auction is determined by the entity or individual that controls the website that offers the auction. It is contemplated that the length of time must be in terms of days to remit that the articles are seen and studied by all interested parties. However, there are no explicit time frame parameters. The operations of the website (ie the countdown account, the rotation of the images, access to various screens, etc.), which offer the modalities of the present invention will be controlled by a server corresponding to the website. The server provides software and other computer technology necessary to control the operation of the website and its many particularities. Since said website operations and corresponding servers are well known in the industry, they need not be intimately described herein. Once the preliminary offer portion of the auction has ended, no more offers can be given by online bidders. After the end of the preliminary bid portion of the auction, the virtual portion of the auction is adjusted to begin with. Screen 200 includes a start time for the virtual portion of the auction. The time between the end of the preliminary offer portion and the beginning of the virtual portion is again determined by the operator of the website that offers the auction. Referring now to Figure 3A, a bidder screen 300 which is accessed during a virtual auction portion of the auction system modalities is shown. The virtual auction proceeds in a manner analogous to a traditional live auction. In other words, the virtual auction occurs in real time with items that are being auctioned consecutively.

However, unlike a traditional auction, the virtual auction starts with a higher opening offer and the auction time is drastically reduced due to the preliminary auction. However, the website server acts as the auctioneer and controls the auction. Again, in a first mode, bidders need to register to gain access to the virtual auction screen. If the bidder is already registered, they only need to enter their username and password to have access to the virtual auction screen 300. Next, each item will be auctioned consecutively and individually until all items have been offered for auction. In practice, as soon as an article has been auctioned, the following article will be offered,. The auction is controlled by the website server or similar device. The virtual auction screen 300 includes article images 310, an offer record 315, a written description of article 320, and an offer entry window 325. The offer history in the offer record 315 starts with the current offer of the preliminary auction portion that is indicated as the "starting bid". The offer record 315 is the focal point of the virtual auction portion because, as shown in both Figures 3A and 3B, it identifies each offer, the location of the corresponding bidder and a downward count sequence to indicate that the item is to be sold if no additional offers are received. By For example, as shown in Figure 3A, the downline can show Five, Four, Three, Two, One and SOLD to inform bidders that they must submit another offer quickly or lose the item. When any offer is received during the countdown sequence, the countdown ceases and resets a pre-set number of seconds later. If no offers are received during the countdown sequence, the item is sold. If bids are not submitted during the virtual auction portion, the high bidder of the preliminary bid portion receives the item as the high bidder. As stated above, bidders may also need to enter an offer that is a pre-established increase (eg, $ 5) more than the previous offer. Then, the next item for auction from the sale list is displayed and the offer record 315 shows the "offer to start". While the amount of time distributed among offers may remain constant (eg, thirty seconds), it may also decrease, as the offer progresses, to minimize the length of the virtual auction. For example, the time between offers may be decreased incrementally to only fifteen seconds in case the virtual offer continues for a pre-established length of time such as three minutes The reduced amount of time between offers will encourage bidders to enter offers that are sure to prevail. In any case, the time distributed between offers is arbitrary but it must be a sufficient time to allow the bidders a realistic opportunity to enter a new superior offer. To further encourage a bid "frenzy", the 300 screen may also present words or phrases associated with the virtual auction. For example, as the offer record 315 counts down, the display 300 may also present the phrase "go, go, go" to encourage bidders to enter additional offers. Alternatively, the words or phrases can be played audibly by loudspeakers of a networked PC. In this way, the audible words and phrases have the effect of creating a live auction environment. It is also contemplated that the geographic location of the individual bidders may be presented or enunciated through the networked computers as shown in Figure 3B. By providing the geographical location of the bidders, the magnitude of the auction is reinforced, thus promoting the concept that is being offered. In essence, the geographical indicator is Free public relations informing bidders of the mass attraction of the auction site. In this way, one or more bidders may wish to use the website to auction their own articles. In a first mode of the auction system, any unused representative offer authority that remains of the bidder raised from the preliminary bid portion of the auction is taken to the virtual auction portion. In the same way as the preliminary offer portion, the server acts to automatically enter an offer for the representative bidder until the maximum amount has been reached. Optionally, the representative bidders can instruct the server that the representative offers should not be taken to the virtual auction portion. In fact, the display 200 and / or the display 300 may include a cone or window for bidders to decline or accept to bring its representative offers from the preliminary auction portion to the virtual auction portion. The virtual auction can follow the representative offers that will be submitted during the virtual auction, or in the alternative they can treat any submitted bid that is higher than the minimum bid required as a straight offer that will be submitted directly to the auction. In the first modality, each article presented during the preliminary auction portion it is also presented during the virtual auction portion. Since the items are auctioned consecutively during the virtual auction portion, there will be a delay between the start time of the virtual auction portion and the time when certain items are offered during the later stages of the virtual auction. Therefore, the modalities of the present system incorporate a method to provide bidders notice that a specific item is to be offered for bid as part of the virtual auction. Screen 200 and / or screen 300 incorporate an ID number entry window for bidders to enter article identification numbers associated with specific items that are being auctioned. Based on the item identification numbers the entry by the bidders, the system is instructed that certain bidders are interested in being notified that certain specific items are to be offered for bid as part of the virtual auction. Since most of the bidders will be using PCs with corresponding speakers, the bidders can be alerted by an audible alarm that indicates that the item of interest is about to be offered for auction. Alternatively, A scintillating PC screen, a phone call, alert Call or instant messaging can be used to alert the bidder. Any appropriate manner of notification is contemplated herein. Timing of alerts, such as the time allowed between offers, is arbitrary, but there must be enough time to allow bidders to return to their PCs (or other network device) to enter offers. For example, the alert may begin five minutes before the item is expected to enter for auction, or alternatively when there are only five items to bid before the auction for the item of interest. To increase the ease and speed of entering offers during the virtual auction portion, an offer matrix as shown in Figure 4 can be incorporated into screen 300. Offer matrix 400 maintains a pre-established collection of individual offers 410 -1 to 410-N which are incremented in a previously adjusted form to correspond with the article for auction. In this way, the bidder simply marks, or moves an indicator icon presented to a desired offer causing the offer to automatically enter. In addition to the use of a computer mouse or keyboard keys, a touch screen can also be used to select the desired bid entry. The Matrix 400 eliminates the need for bidders to enter a dollar value of offers that may require three or more key strokes and can lead to errors. The particular values associated with the individual offers 410-1 to 410-N are a function of the initial virtual auction offer (ie, the final preliminary auction offer) of the specific item being offered. In addition, the difference between successive individual offers 410-1 to 410-n is also a function of the initial offer of the specific item that is being offered. In other words, a high-priced item may have a greater separation between bids 410-1 to 410N than a lower-priced item. The offer matrices can be, based on an expected offer, predetermined for each article that is being auctioned or can be generated in response to the initial virtual auction offer. These predetermined matrices are beneficial in situations where a minimum bid has been established so that the array 400 of individual offers 410-1 to 410-N can be expected. Alternatively, as discussed above, offer matrix 400 may be generated in response to the initial offer of virtual auction. In this way, a library of previously generated arrays can be stored on the server or similar storage device before the auction and can be automatically withdrawn based on the initial offer of virtual auction. Alternatively, offer matrix 400 may be originally generated in response to the initial virtual auction offer by a server application. Although the invention has been described in detail with reference to a preferred embodiment, further variations and modifications exist within the scope and spirit of the invention as described and defined.

Claims (32)

1. CLAIMS 1.- An online auction system for remotely located bidders, comprising. a preliminary offer component conducted through a computer network, the preliminary offer component simultaneously offering for auction a plurality of articles for a pre-established duration of time; and a dynamic real-time auction component conducted through the computer network and starting after the expiration of the pre-established time duration after the end of the preliminary offer component, the dynamic auction component offering for consecutive auction and individually each one of the plurality of articles of the preliminary auction component, whereby an initial dynamic offer in each article is equivalent to a final offer of the article received during the preliminary offer component.
2. 2. The system according to claim 1, wherein the dynamic real-time auction is conducted similar to a live auction.
3. 3. The system according to claim 1, wherein offers of representative are accepted during the preliminary auction component.
4. 4. - The system according to claim 3, wherein the current offer of the representative bidder is automatically increased by a minimum increase in response to a higher offer, the automatic bid increases continuing until no additional higher offers are expected or until The maximum representative offer has been reached.
5. 5. The system according to claim 1, further comprising a countdown timer displayed on a screen of each bidder remotely located during the dynamic auction component, the countdown timer used to inform each bidder of a time that runs until the article can no longer be offered.
6. 6. The system according to claim 5, wherein the countdown timer is readjusted in response to the entry of an offer.
7. 7. The system according to claim 1, further comprising a means to alert bidders during the dynamic auction component that a specific item of interest is almost ready to be offered for auction.
8. 8.- The system in accordance with the claim 7, wherein the means for alerting the bidders is an audible alarm output by network computers that are used by the bidders.
9. 9. The system according to claim 7, wherein the means to alert the bidders is a telephone call placed with the bidders.
10. 10. The system according to claim 7, wherein the means to alert the bidders is an instant message transmitted to the networked computers that are being used by the bidders.
11. 11. The system according to claim 7, wherein the means to alert the bidders in a call alert transmitted to the bidders.
12. 12. The system according to claim 7, wherein the means to alert the bidders is an email message transmitted to the bidders.
13. 13. The system according to claim 1, wherein offers in excess of pre-established offer increase are treated as representative offers.
14. 14. The system according to claim 3, wherein the representative offers for the bidder raised during the preliminary offer component are carried the dynamic auction component.
15. 15. A method for conducting an auction through a computer network, comprising: offering a preliminary offer on items whereby a plurality of items are offered simultaneously for auction during a pre-established period of time, offering a time auction real dynamic after the expiration of the pre-established period of time in which the items auctioned during the preliminary auction are offered for consecutive auction and individually with an initial offer equal to the final offer received during the preliminary auction.
16. 16. The method according to claim 15, which also includes driving the dynamic real-time auction, similar to a traditional live auction.
17. 17. The method according to claim 15, which also includes accepting offers of representative during the preliminary auction.
18. 18. The method according to claim 17 further comprising automatically increasing the current offer of a representative bidder by a minimum amount in response to a superior offer, automatic bid increase continuing until no additional top offers arrive or until a maximum representative offer has been reached.
19. 19. The method according to claim 15, further comprising presenting a countdown timer on a screen of each bidder remotely located during the dynamic auction, the countdown timer reporting to each bidder a time that remains until it is already can not be offered on the article.
20. 20. The method according to claim 17, further comprising readjusting the countdown timer in response to a bid entry.
21. 21. The method according to claim 15, further comprising alerting the bidders that an article of particular interest is about to be auctioned.
22. 22. The method according to claim 21, wherein alerting bidders is achieved through an audible signal output by network computers that are being used by bidders.
23. 23. The method according to claim 21, wherein alerting the bidders is achieved through a telephone call placed with the bidders.
24. 24. The method according to claim 21, wherein alerting bidders is achieved by instant messaging transmitted to networked computers that are being used by bidders.
25. 25. The system according to claim 21, wherein the means to alert bidders is a message alert transmitted to bidders.
26. 26. The system according to claim 21, wherein the means to alert bidders is an email message transmitted to the bidders.
27. 27. The method according to claim 15, which also comprises treating offers in excess of a pre-established offer increase as representative offers.
28. 28. The system according to claim 15, which also comprises carrying representative offers placed during the preliminary bid to the dynamic auction.
29. 29.- An auction conducted through a computer network, comprising: A first auction portion that offers simultaneously a plurality of items for auction for a preset duration, the computers causing the submission of a state of first auction portion, including a current high bid and optionally displaying a first auction countdown timer showing a time running until the first auction portion ends; and a second portion of virtual real-time auction that offers the plurality of items consecutively and simultaneously for auction whereby each item offered for auction during the second portion of the auction has an initial established offer equal to the final offer received during the first portion. of auction, the computers causing the presentation of a state, which includes a current high bid and a countdown timer of the second portion of the auction that shows a time that runs until new offers can no longer be entered.
30. 30. The auction in accordance with claim 29, which also includes a means to alert interested users during the second real-time virtual auction that a specific item is closed to be offered for bid.
31. 31.- The auction in accordance with claim 29, wherein the virtual time auction real is conducted as a traditional live auction,
32. 32. The auction in accordance with claim 29, wherein the countdown timer of the second auction portion is readjusted in response to an offer entry.