Abstract: An auction system for conducting an online auction of merchandise in a plurality of lots presented on a webpage between a bidder and a seller in a communication network. The system having a host computer associated with an auction host, a bidder computer and a seller computer coupled to the host computer. The computers include a computer usable medium having a plurality of program code to execute instructions associated the auction, including program codes for administering and managing the auction, defining the webpage interface, updating of dynamic elements within the webpage in real-time, enabling negotiation of a sale of the merchandise.