Patent ID: 6564192
Filing Date: 2003-05-13
Classification: G06Q

Abstract:
A method of conducting an electronic online auction between a plurality of potential bidders for a lot defined by an originator of the auction, comprising the steps of:(a) establishing a price index as a basis for establishing an arbitrary non-zero competitive price point; (b) communicating said price index to each of said plurality of potential bidders; (c) receiving a corresponding bid from one or more of said plurality of potential bidders, wherein each said received bid includes a bid value that is specified relative to said price index; (d) for each said received bid, calculating a corresponding bid differential between the bid value and said price index, wherein each said bid differential is zero, positive or negative depending on whether the bid value for the corresponding received bid is equal to, higher or lower than said price index respectively; and (e) transmitting each said bid differential to said plurality of potential bidders, wherein a price paid to a winning bidder for said lot during a term of a sale agreement associated with said lot varies after close of said auction with fluctuations in market value of said price index.