Patent ID: 7058602

Claim:
An online auction system having at least one seller member (seller) and at least one buyer member (bidder), said auction system comprising: a computer device configured to communicate with said at least one seller member and said at least one buyer member, the computer device comprising: an interface module configured to provide a user interface between the seller and the bidder; a transaction module operatively coupled for communication to said interface module configured to manage transactions associated with moves made by the seller and the bidder in conjunction with a sale of an item by the seller; and a mechanism module operatively coupled for communication to said transaction module said mechanism module defining at least one auction rule, said transaction module further configured to carry out transactions according to said auction rule defined by said mechanism module, said mechanism module comprising rule defining programming associated with temporal auction transactions and second-price auction transactions, wherein said rule defining programming is configured to: receive a bid from a bidder for an item for sale; receive in conjunction with said bid an expiration condition for said bid; and cancel said bid when said expiration condition is met; allow the seller to close the auction at any time; during the course of the auction, reveal to all bidders only the second-highest standing bid for an item for sale; maintain the first-highest standing bid in confidence for the item of sale; and allocate the sale price of the item for sale in the amount of the second-highest bid at the close of sale.