I just read an article where they are proposing a new real estate auction law in Australia which guarantees the property will be sold to the highest bidder.
This law is being proposed because there have been a few instances of negotiations continuing after the gavel falls. It will be interesting to see how this plays out.
In the meantime, it's interesting to think how this will effect the online world. Is the winning bid a binding contract? What if the seller takes a higher offer after the auction ends?