Patent ID: 8108264

Claim:
A computer implemented method for offering an item for sale over an electronic network comprising the steps of: providing a database on a server coupled to said electronic network; storing in said database a predetermined target price for said item, wherein said target price is not publicly known, and wherein said target price represents a minimum and a maximum sale price for said item; storing in said database data representing the status of said item, wherein said data comprises at least a portion of a history of offers for said item; after said step of storing a target price, receiving over said electronic network an offer for said item, wherein said offer comprises an offer price; modifying information in said database based on said offer; initiating a transaction over said electronic network to sell said item at said target price, if said offer price is equal to said target price; and initiating a transaction over said electronic network to sell said item at said target price, if said offer price is greater than said target price.