Patent ID: 8380581
Filing Date: 2013-02-19
Classification: G06Q

Abstract:
1. A method for auctioning at least one item over a network, the method comprising the steps: providing a web site for presenting the at least one item for auction hosted by at least one server in communication with the network; receiving a purchase bid by the web site from each of at least one bidder; receiving one bid by the web site from each of at least one bid optionee and a payment from each of the at least one bid optionee for placing the respective option bid; awarding, using a processor, the at least one item to the bidder who places the highest purchase bid; and upon completing a purchase transaction with the highest bid bidder having the highest purchase bid, distributing to the bid optionee who places an option bid the right to purchase a duplicate of the auctioned item, wherein the amount paid for the option bid is deducted from the price of the auctioned item.