LiveBid says it is the only provider of live online-auction technology. LiveBid has run dozens of auctions since it started offering online auctions in 1997. Online bidders register with LiveBid, preview the items for sale and enter their bids in the ongoing auction. The deal also adds expertise and credibility to the auction site, he said. Many auction houses are authorities in specialty areas such as cars and antiques, and their backing of an item up for bid adds authenticity and security for buyers, Curry said.
Auction houses pay a combination of flat fees and commissions on goods sold over the Internet.
The privately held company has about 20 employees. It declined to disclose its sales. Frankly what Amazon has done for themselves in the auction space is pretty remarkable. They have put themselves on the map in a major way and have the best buyer community out there on the Web.