When hearing the word auction, most people immediately think of famous auctioneers like Sotheby’s and Christie’s in London. An auctioneer, standing next to a painting, introduces the artist and the work and then announces the starting price. Elegantly dressed ladies and gentlemen raise their hands and signal to place their bids. The auctioneer conducts the auction in a loud rhythmic voice: "Going, going... gone!" A wooden mallet strikes the desk. The highest bidder wins the auction.

The internet is also home to auctioneers. For consumers the marketplace eBay is the most prominent and successful auction platform in the virtual world. Adrenalin levels surge in the final moments of the auction, as bidders constantly trump each other up to the last second. The highest bidder receives the acceptance of the bid by e-mail.

Internet marketplaces are not limited to private use. More and more companies and institutions also purchase over the internet. Retailers purchase increasing quantities of their assortments by placing a call for bids over the internet.