Patent ID: 7219080

Claim:
An online product auction system comprising an auction center, said auction center includes a microprocessor operably connected to a storage media, said product auction system comprising: a current high bid value for a first product; a first bid data for said first product, said first bid data includes a first bid and a second bid, said first bid is greater than said current high bid value, and said second bid is greater than said first bid; a second bid data for said first product, said second bid data includes a third bid and a fourth bid, said third bid is greater than said current high bid value, and said fourth bid is greater than said third bid; a bid processing module which calculates and updates said current high bid for said first product; a start minimum bid; a low minimum bid; a current minimum bid; wherein the current minimum bid, at the start of an auction, is equal to the start minimum bid; and a seller proxy module configured to periodically determine whether a bid at least as great as the current minimum bid has been accepted, and if no such bid has been accepted, to adjust the current minimum bid downward to a value less than the start minimum bid but at least as great as the low minimum bid.