Auctions have always been popular ways to buy and sell merchandise, from small community fundraising sales to gala events hosted by famous auction houses like Christie’s and Sotheby’s. Traditional auctions bring to mind images of fast-talking auctioneers banging mallets to close a deal, or lavish rooms filled with wealthy buyers, ready to bid on rare antiquities and works of art.
But these days, the word “auction” conjures up an entirely different picture: buyers impatiently refreshing the online auction pages on their computer screens, as the minutes tick down to the final bid.
The Internet has changed the way people do practically everything, including the way we buy and sell. Internet auctions have gained incredible worldwide popularity, with the eBay as the undisputed leader. Today, anyone with Internet access can buy or sell online. Bidders don’t even need to be in the same time zone, let alone in the same room. Virtually everything is bought and sold on eBay auctions, from expensive antiques and works by master artists, to everyday household items and personal creations.
It’s easy to get acquainted with buying and...