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Word: auctioning (lookup in dictionary) (lookup stats)
Dates: during 1990-1999
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When you're worth $10 billion, you can afford to collect Gulfstreams, Ferraris and yachts. But last week Jeff Bezos, the founder of e-tailing dynamo Amazon.com had his sights set a little lower. Like millions of Internet surfers searching for their favorite obscure trinkets, Bezos joined an online auction, bidding for a pack of 1977 Star Wars trading cards. Alas, the buying force was not with him. He dropped out when the price got too high...

Author: /time Magazine | Title: Now It's One Big Market | 4/12/1999 | See Source »

...everything from stereos and cruises to a Coke bottling plant and the historic town of Johnsonville, Conn. Bezos' is just the latest firm to recognize the Web as the perfect medium to match buyers and sellers in a capitalist free-for-all: Net portal Yahoo rolled out an auction site last fall, and America Online just struck a partnership with industry leader eBay...

Author: /time Magazine | Title: Now It's One Big Market | 4/12/1999 | See Source »

With its own auction launch, Amazon continues its mutation from bookseller to e-tailer nonpareil. The auction area is carrying tens of thousands of items, including a signed copy of Hem-ingway's A Farewell to Arms--Amazon will, of course, be strong in rare books. "Our vision is to build a place to find and discover anything our customers might want to buy...[including] car parts and spark plugs," says Bezos, whose firm's ever inflating stock price jumped an additional 15% on the news. Says Larry Schwartz, president of rival Auction Universe: "It's kind of frightening--they...

Author: /time Magazine | Title: Now It's One Big Market | 4/12/1999 | See Source »

...seller before sending off a fat check in the mail. However, a small group of parasites, including a Florida eBay user who was recently ordered to pay $23,000 in restitution, continue to plague this electronic marketplace. Two-thirds of all Internet fraud complaints last year were directed at auction sites, according to the National Consumers' League. And antique dealers, who quickly adapted to e-auctions, find themselves dealing with amateurs who wouldn't know Caravaggio from formaggio. Peter Woolman, a British antiques dealer in Delray Beach, Fla., is one such frustrated buyer. "It's full of fakes," he complains...

Author: /time Magazine | Title: Now It's One Big Market | 4/12/1999 | See Source »

...help improve those odds, eBay, Auction Universe and Amazon.com all offer some type of insurance and recommend that people use escrow services. Industry pioneer Onsale.com which conducts only business-to-consumer auctions, guarantees its products...

Author: /time Magazine | Title: Now It's One Big Market | 4/12/1999 | See Source »

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