The best auction format is the one that ends 24 or 48 hours after last bid. It is heavily used on domain forums. It's great because:
- Last second bidders are automatically out of the game
- It is much more helpful in determining the real market price of an asset
Could you expand on that a little bit? I am looking to sell off a domain...
It's an ordinary auction. The only difference is that closing time isn't set in advance but is reset everytime a bid is received. Example:
- you post a bid on March 02 at 08:21:55 AM -> if nobody bids by March 04 at 08:21:55 AM (48 hours after last bid) you win the auction
- I leave a bid on March 03 at 09:13:42 PM -> if nobody bids by March 05 at 09:13:42 PM I win the auction