Well, it's probably not new but I've just discovered it!
I was on www.findit.co.uk yesterday (which, by the way is a pretty good free classifieds site - you should check it out) and I saw an advert for an auction site I've not seen before. To begin with I thought it was probably another reverse auction site as the prices seemed pretty low - a PS3 went for under £40.
www.telebid.com is a timed auction where the highest bid when the counter reaches zero wins. The only twist is that when you add a bid you add more time to the clock. This obviously stops ebay style bidding where you wait for the last moment to place what you think is the winning bid.
It looks like it costs 50p to place a bid. There are probably a whole new set of tactics for this type of auction so I'll give it a go and let you know how I get on!
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