Auctions have been taking place since around the early fifth century - this practice has continued into modern times and, in recent years, has been adapted to the internet to become what is known as online auctioning.
This concept has taken the online world by storm - by 2006 online auctions are expected to generate an estimated $48.5 billion in sales (Guerrilla Retail, 2003). The industry is growing at a remarkable rate and provides consumers and businesses with new and innovative ways to buy and sell obscure or highly specialised products which were previously inaccessible through trad…
