Reverse Auctions???

[DaMan]

Just heard on the radio today about Reverse Auctions, sounds interesting and want to learn a bit about it.
Does anyone have answers to any of the following questions????

How could i invest some money into a company like this, would it be worth the risk and what sought of money does it cost to set one up?

How could i perform a similar auction on a smaller scale, say for fund raser for a sporting club etc?

What are the legalities involved in setting one up?

 

[SorryIHammerChicken]

Wouldn't have a clue on the technicalities of it, but is that the kind of auction where the lowest "unique" bidder wins? So if two people bid $1, ten people bid $2, one person bids $3 and five people bid $4, the $3 bidder wins?

 

[yeah_nah]

More often than not rigged and the actual winner wont get his iPod