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Proxy bidding is an implementation of an English second-price auction used on eBay, in which the winning bidder pays the price of the second-highest bid plus a defined increment. It differs from a Vickrey auction in that bids are not sealed; the "current highest bid" (defined as second-highest bid plus bid increment) is always displayed.
The bidding ends once no one is willing to underbid the current price. A different option is the English Ticker which gradually declines the starting price by a predefined price interval. To make a bid, the price step has to be confirmed by the supplier.
A bidding fee auction (also known as a penny auction) requires customers to pay for bids, which they can increment an auction price one unit of currency at a time. The most notable bidding fee auction was Swoopo. Critics compare this type of auction to gambling, as users can spend a considerable amount of money without receiving anything in return.
Auction sniping (also called bid sniping) is the practice, in a timed online auction, of placing a bid likely to exceed the current highest bid (which may be hidden) as late as possible—usually seconds before the end of the auction—giving other bidders no time to outbid the sniper.
Bridgeville, California (population 25) was the first town to be sold on eBay in 2002, and has been up for sale three times since. [1] In January 2003, Thatch Cay, the last privately held and undeveloped U.S. Virgin Island, was listed for auction by Idealight International. The minimum bid was US$3 million and the sale closed January 16, 2003. [2]
In auctions, the buyer's premium is a charge in addition to the hammer price (i.e. the winning bid announced) of an auction item, or lot. The winning bidder is required to pay both the hammer price and the percentage of that price called for by the buyer's premium.
eBay office in Toronto, Canada. eBay Inc. (/ ˈ iː b eɪ / EE-bay, often stylized as ebay or Ebay) is an American multinational e-commerce company based in San Jose, California, that allows users to buy or view items via retail sales through online marketplaces and websites in 190 markets worldwide.
Absentee bids – this is when a prospective buyer places a bid on an item without attending the sale. This is sometimes referred to instead as a commission bid because the auctioneer is effectively commissioned to enter bids on the potential buyer's behalf. The bid is submitted prior to the auction by whatever means the auctioneer has stipulated.