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Disclaimer
Internet Auctions
How Auctions Work
Internet auctions are bazaars. In most cases, sellers offer one item
at a time, but sometimes sellers offer multiple lots of the same item. The
auction web sites often refer to auctions of multiple items as
"Dutch" or "English" auctions. At some sites, the seller
may be required to sell all items at the price of the lowest successful bid.
At other sites, the seller is entitled to the prices bid by each of the
highest bidders.
Occasionally, Internet auction sellers set a "reserve price," which is the lowest price they will accept for an item. Some sites disclose the reserve price during the auction.
The bidding for each auction closes at a scheduled time, when the highest bidder "wins." In the case of sales of multiple lots, the participants with the highest bids at the close of the auction are obligated to buy the items. If no one bids at or above the reserve price, the auction closes without a "winner." At the close of a successful auction, the buyer and seller communicate — usually by e-mail — to arrange for payment and delivery of the goods.
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Table of Contents If you're a buyer... If you're a seller...
Source: Federal Trade Commission
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