Patent ID: 6202051
Filing Date: 2001-03-13
Classification: G06Q

Abstract:
An automated method, performed by a computer-based auction system, for enabling a seller to auction a uniquely identified item via the Internet to one or more potential buyers, the method comprising:requiring the seller to establish a seller's account, the seller's account being based at least on the seller's identity and a financial instrument associated with the seller;receiving information from the seller including a description of an item offered for auction by the seller;creating a data record containing a description of the item based on the information received from the seller, the data record connoting an ownership interest by the seller in the item, the data record being stored in a computerized electronic database maintained by the computer-based auction system;generating an identification code to uniquely identify the item;scheduling an auction for the item, the auction to be hosted by the computer-based auction system;presenting the item for auction to an audience of participants through a worldwide web mapping module executing in conjunction with the computerized database, the worldwide web mapping module translating information from the data record to a hypertext mark up language format for presentation through the Internet;receiving bids on the item from participants via the Internet through an auction process that executes in conjunction with the computerized database;terminating the auction for the item when the auction process encounters predetermined criteria;notifying a winning auction participant that the winning auction participant has entered a high bid in the auction process;providing the unique identification code to the winning auction participant to uniquely identify the item; andcharging a fee to the seller's account based on an amount of the high bid.