Abstract: An auction system includes a plurality of participant devices and an auctioneer device. The participant devices correspond to a plurality of participants and are configured to receive auction information input by a participant and to display auction information to a participant. The auctioneer device is configured to process the auction information received from the plurality of participant devices, to determine an instant profit value upon receiving bid purchases from participants, and to record ownership of the auction item to the participants that provide the bid purchases.

Abstract: An auction instrument imposes an initial seller obligation for an initial seller to sell an auction item to a first purchaser upon the first purchaser issuing a first bid purchase and a first purchaser obligation to sell the auction item to a second purchaser upon the second purchaser issuing a second bid purchase. The auction instrument also imposes a first purchaser obligation to provide monetary consideration to the initial seller upon issuing the first bid purchase and a second purchaser obligation to provide monetary consideration to the first purchaser upon issuing the second bid purchase.