Online auction

An online auction (온라인 경매/(中)网上拍卖) is an auction which is conducted over the Internet.

Online auctions are conducted in various ways:
 * Ascending English auction
 * Descending Dutch auction
 * First-price sealed-bid
 * Vickrey auction or Second-price sealed-bid auction: Almost same as a first-price sealed bid. However, the highest bidder and winner will only pay what the second highest bidder had bid. Online auctions where bidders utilize a proxy bidding system is a close resemblance to that of a Vickrey design for single item auctions. The Vickrey auction is suggested to prevent the incentive for buyers to bid strategically, due to the fact it requires them to speak the truth by giving their true value of the item.
 * Combination of multiple auctions, taking elements of one and forging them with another.

The scope and reach of these auctions have been propelled by the Internet to a level beyond what the initial purveyors had anticipated. This is mainly because online auctions break down and remove the physical limitations of traditional auctions such as geography, presence, time, space, and a small target audience. Nowadays online auctions are projected to account for significant percentage of all e-Commerce due to the rapid expansion of the popularity of the form of electronic commerce.

History
Online auctions took place even before the release of the first web browser for personal computers, NCSA Mosaic. Instead of users selling items through the Web they were instead trading through text-based newsgroups and email discussion lists.

However, the first Web-based commercial activity regarding online auctions that made significant sales began in May 1995 with the company Onsale. In September that same year eBay also began trading. Both of these companies used ascending bid, English auctions and were the first of their kind to take advantage of the new technological opportunities. The Web offered new advantages such as the use of automated bids via electronic forms, a search engine to be able to quickly find items and the ability to allow users to view items by categories.

Online auctions have greatly increased the variety of goods and services that can be bought and sold using auction mechanisms along with expanding the possibilities for the ways auctions can be conducted and in general created new uses for auctions. In the current web environment there are hundreds, if not thousands, of websites dedicated to online auction practices.

Domestic

 * G-Market
 * Aution
 * 11th Street
 * Art Day (미술작품 경매)

Overseas

 * Amazon.com
 * eBay
 * Yahoo

KAMCO's OnBid system
Online auction system has been employed by the Korea Asset Management Corporation (KAMCO, 한국자산관리공사) since 2002 while KAMCO tries to sell online the properties which it obtained in the course of corporate restructuring.

Onbid provides the following services from A to Z of online auction as far as the object is submitted by a public sector entity including a court and a financial institution:

공매정보 조회 및 전자입찰 서비스 제공

 * 공매공고 및 입찰물건정보 열람
 * 시ㆍ공간의 제약 없이 이용할 수 있는 전자입찰 서비스
 * 입찰결과 및 각종 입찰통계 자료 열람
 * 전자계약 체결 및 전자계약서의 보관ㆍ관리
 * 인터넷 등기대행 연계 서비스 제공

공매물건 홍보 및 인터넷입찰장 서비스 제공
KAMCO's Online Bidding site offers 국가기관, 공공기관 등의 입찰정보와 각종 매각대상 물건, 임대대상물건 관련 정보를 망라하여 올리고 있다. 현재 70여만 명의 회원들이 누적 기준으로 12조원이 넘는 거래를 온라인 상으로 하고 있다.
 * 입찰공고 및 공매물건에 대한 상세정보 등록
 * 입찰서접수, 낙찰자결정, 보증금환불 및 계약체결에 이르는 입찰의 전 과정을 인터넷으로 처리
 * 낙찰결과보고서, 입찰조서 등 보고서 출력
 * 온비드 전용 공인인증서 무료 발급
 * 디지털예산회계시스템(디브레인)과 연계된 계약사무(공고, 낙찰자결정, 전자계약) 서비스
 * 전자계약 체결 및 전자계약서의 보관ㆍ관리