In terms of security, there are two types of auctions: private, where the identity of the bidder is not disclosed, therefore staying anonymous; and public, where the bidders not anonymous and the auction is open to everyone.
As with every business and institution nowadays, auctions have found their way into the internet. Their model of choice is the English auction model, and the principles are the same. Of course there are some added bonuses that physical, tangible auction houses are unable to offer and that have made online auctions more attractive to interested parties
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First of all, a person can place a bid 24/7, whenever it is most convenient for them. Geographical locations are no longer a hindrance since they are non-existent on the internet. A person that finds him or herself in say London can easily bid on an item being auctioned off in Kuala Lampur without having to physically change location. These two aspects of online auctions decidedly help to increase the number of bidders and consequently, increase the number of auctioneers, making this part of the economy soar. Win-win situation. So name your price and hopefully somebody will meet it.
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