Method of prebidding in a combined auction format
First Claim
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1. A method of accepting prebids in advance of a live auction, said method comprising:
- a) providing a prebid web site system to accept prebids, said web site system including a merchandise database of information pertaining to auction lots to be sold in live auctions and a prebid database in which the details of prebids received in respect of said auction lots can be stored;
b) using said web site system to accept prebids in respect of an auction lot by;
i) allowing bidders to transmit prebids from bidder computers to said web site system within a specified time frame, wherein each prebid transmitted includes a maximum prebid amount;
ii) recording said prebids in said prebid database;
iii) upon expiry of said specified time frame accepting no further prebids and selecting the winning prebid; and
iv) submitting said winning prebid from the prebid database to the live auction of said auction lot.
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Abstract
A system and method for the online placement of prebids in respect of an auction lot in advance of a live auction. Upon commencement of the live physical or online auction of an auction lot, the winning prebid which was accepted according to the system and method of the present invention will be submitted to the live auction. A Web site system is used to accept the details of prebids, and various methods or formulae for calculating the winning prebid are disclosed.
55 Citations
26 Claims
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1. A method of accepting prebids in advance of a live auction, said method comprising:
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a) providing a prebid web site system to accept prebids, said web site system including a merchandise database of information pertaining to auction lots to be sold in live auctions and a prebid database in which the details of prebids received in respect of said auction lots can be stored;
b) using said web site system to accept prebids in respect of an auction lot by;
i) allowing bidders to transmit prebids from bidder computers to said web site system within a specified time frame, wherein each prebid transmitted includes a maximum prebid amount;
ii) recording said prebids in said prebid database;
iii) upon expiry of said specified time frame accepting no further prebids and selecting the winning prebid; and
iv) submitting said winning prebid from the prebid database to the live auction of said auction lot. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 26)
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13. A web site system for accepting prebids from bidders in advance of live auctions, said web site system comprising:
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a) a merchandise database containing information pertaining to auction lots to be sold in said live auctions;
b) a prebid database containing of prebid placed in respect of auction lots;
c) a prebid control system which will allow placement of prebids in respect of an auction lot in the following steps;
i) within a specified time frame, receiving the details of a prebid including a maximum prebid amount from a bidder computer;
ii) recording said prebids in said prebid database; and
iii) upon expiry of said specified time frame accepting no further prebids from bidders, and selecting a winning prebid from those prebids recorded in said prebid database; and
iv) submitting said winning prebid to the live auction of said auction lot. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25)
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Specification