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MARKET-BASED METHOD AND SYSTEM FOR PRODUCING A RESERVE PRICE FOR AN AUCTION

  • US 20080140556A1
  • Filed: 12/07/2006
  • Published: 06/12/2008
  • Est. Priority Date: 12/07/2006
  • Status: Abandoned Application
First Claim
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1. A method of producing a reserve price for an item to be auctioned by a Seller, comprising the steps of:

  • i) obtaining one or more standing bids from one or more bidders whereby said bidders each agree to purchase an auctioned item having pre-defined characteristics for a value which can be determined by said pre-defined characteristics;

    ii) storing said one or more standing bids received from bidders;

    iii) said Seller providing the characteristics of said item to be auctioned which are required to calculate said value;

    iv) calculating the value of said one or more standing bids, determining the highest standing bid and presenting said highest standing bid to said Seller;

    v) said Seller choosing whether to accept said highest standing bid or to proceed with an auction using said highest standing bid as the reserve price.

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