They're so new and their growth is so dramatic that the market is hard to quantify. Wall Street seems to think consumer auctions could be just as significant. That roar you hear is eBay's stock taking off. Bargain-hunters say online auctions provide rare finds at good prices, and, most important, are fun to use. Bidders experience the thrill of the hunt and, often, the element of surprise when they get a first look at what they've bought.
Sellers see a chance to reach a huge new worldwide audience.
The answer to why now is that Web technology is at last capable of handling the interactivity, billing, and even live broadcasting needed to make online auctions work. What's remarkable about online auctions is that they work for virtually any type of product. Sales of electronics still seems to account for the bulk of dollars spent on Web auctions. Businesses are also auctioning off a wider variety of time-sensitive goods, including travel packages, ad space on Web sites, and clothing. The companies that supply such stuff can decide which price to accept.