Patent ID: 8341032

Claim:
A method for transforming an auctioned item of unknown value and buyer into an auctioned item of known value and buyer, the method comprising: Setting a reserve price for the auctioned item; Providing descriptive information about the auctioned item to bidders; and Conducting a sealed bid auction for the auctioned item, Wherein conducting a sealed bid auction comprises obtaining sealed bids for the auctioned item from the bidders, Determining, by a server computer, whether a highest bidder accepts the reserve price, or one bid increment more than the reserve price, as the value for the auctioned item when a highest sealed bid for the auctioned item obtained from the highest bidder is an only sealed bid at least equal to the reserve price at a conclusion of the sealed bid auction, and In response to determining that the highest bidder accepts the reserve price, or one bid increment more than the reserve price, as the value for the auctioned item when a highest sealed bid for the auctioned item obtained from the highest bidder is an only sealed bid at least equal to the reserve price at a conclusion of the sealed bid auction, establishing that value as the value and that highest bidder as the buyer for the auctioned item at the conclusion of the sealed bid auction, thereby transforming the auctioned item from unknown value and buyer to known value and buyer; and In response to determining that the highest bidder does not accept the reserve price, or one bid increment more than the reserve price, as the value for the auctioned item when a highest sealed bid for the auctioned item obtained from the highest bidder is an only sealed bid at least equal to the reserve price at a conclusion of the sealed bid auction, terminating the auction without establishing the value and the buyer for the auctioned item.