Patent ID: 8055583

Claim:
A method for conducting an auction, the method comprising: electronically identifying, on a computer device, an item for auction; electronically receiving, on the computer device, a first bid for the item placed at a first time during the auction; electronically receiving, on the computer device, a second bid for the item placed at a second time during the auction, wherein the second bid exceeds the first bid by a bid increment and the second time is different than the first time by a time increment; declaring a winner of the auction to a participant of the auction that has won the item by making a winning bid, the winning bid being a bid for the item that is highest at an auction close; in response to the auction close electronically determining, on the computer device, based on a value of the second bid, an amount for a portion of the second bid for distribution; and electronically assigning, on the computer device, the portion of the second bid for distribution to at least one participant of the auction.