Importance

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Abstract

A method and apparatus are disclosed for offering and selling items based on a non-public target price. The target price is initially established in advance for a given item and is not known to potential buyers. Offers for the item are accepted and a transaction is completed if an offer exceeds or is equal to the target price. A target price sale may be conducted in conjunction with a traditional auction that includes a reserve price, during which bids are accepted in a traditional manner. The establishment of a target price allows the seller to define an acceptable price in a private sale independent of circumstances, and the non-public nature of the target price allows the seller to control the process. In the case that a traditional auction is also conducted, the existence of both target sale and auction phases can maximize the expected sale price of the item.

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First Claim