Unfortunately the logistics dont work. On-line real-time auctions have been attempted and have been a dismal failure. Different peoples 'communication' speeds being a major factor. I agree entirely with Archie, having spent many thousands of hours in auction rooms, but it just cant work online.

One solution i had thought of is that a user should be allowed one bid only per auction (rather like a real auction where you are absent and have to bid through an agent or on the book). That makes people put their money where their mouth is! and achieves proper prices.