Abstract: A method and system for conducting auctions of multiple lots of items is provided. An auction system allows sponsors to set up auctions for the sale of one or more lots. The auction system allows considerable flexibility to a sponsor in defining how the auction should be conducted. An auction can be cyclical in that an auction for lots of a certain type is conducted on a cyclical basis so that sellers and buyers can prepare for the auctions. An auction can have the bidding on the lots of an auction terminate sequentially or terminate simultaneously. An auction can also be a direct auction or a reverse auction. An auction can be conducted completely online or have a combination of a live audience and a non-live audience.