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A Guide for Buyers and Sellers |
| By: admin, November 25, 2004 |
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| Views: 411 |
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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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