A descending bid auction system includes preregistered bids from remote
locations. Preregistered bids submitted before an auction cycle begins
are awarded a sale when the pricing device declines to a price that
matches that of the preregistered bid. In keeping with traditional Dutch
auction style, in one example, local bidders who submit a bid are given
priority because of the first-submitted tradition. Similarly, when more
than one remotely submitted preregistered bid is for the same price, the
first such bid submitted is given priority. An alternative way of using a
remote bidding terminal designed according to this invention is to
competitively bid while an auction cycle is in process. Bids submitted
while the auction cycle is in process preferably are submitted when a
remote clock, which operates in advance compared to the auction site
clock, reaches a desired price. the remote bid preferably is received at
the auction site before the auction site clock reaches the intended
price.