Why the auction system? Auctions have been around for many centuries - ever since there have been people with products to sell and other people with interest in buying those products. The auction system accelerates the process of supply and demand to the simplest form: one seller and one winning bidder for that product. The auction result transfers the new ownership allowing the item to be sold at a fair market value. The auction process creates a competitive bidding atmosphere that is filled with excitement and spirit to win that last bid.