A method and system for conducting an auction. The auction system provides a criteria for a seller to offer an item for sale with a discount off the bid that is displayed before a bid is made by the bidder, and/or a discount that is advertised from a minimum discount up to a maximum discount off the bid amount that is declared and displayed after the auction is closed. The discount(s) apply to the bidders initial bid and each raised bid and are not contingent on or to another condition. The auction system provides a mechanism to conduct an auction that allow persons to pay a bid fee to register as a bidder, register an opening bid with a discount that is stated before a bid is made by the bidder and a means for when the auction opens at a later date, to accept the registered opening bids.