Online Auction Basics

Online auctions have become one of the UK's favourite pastimes, combining our love of technology with our fondness for grabbing a good bargain.

Internet auctions differ from real-life auctions in a number of ways. A traditional auction is set for a particular time and date, at which point the auctioneer will produce each lot in turn, which he will then sell to the highest bidder.

In contrast, online auctions run constantly. An item can be placed for sale at any time, and is available for a certain duration: typically 3 to 10 days. Anyone may place a bid on the item right up to the last minute of the auction. When the time runs out, the highest bidder wins the item.

You can buy almost anything though an online auction; previous items have included:

Gulfstream II Jet - £2.7 million
A chicken nugget in the shape of Elvis Presley's head (£25)
Lady Thatcher's Handbag (£103,000)
An air guitar (£4.50 including shipping)
A Volkswagen Golf car previously belong to Pope Benedict XVI (£130,000)
A 50,000-year-old mammoth (£61,000)

Most auctions will give you the opportunity to place a proxy bid. This allows you to enter the maximum amount you would be willing to pay, and let the computer make appropriate bids for you. This means that you don't have keep logging in to place new bids when another bidder outbids you. You will simply put in your maximum bid, then come back after the auction has finished and see if you won, and how much it cost.

You can buy and sell almost anything in an online auction, as long as it's not illegal or prohibited by law. Banned items include tobacco, alcohol and firearms.

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