Original owners of domain name send it to the auction block.
Companies interested in acquiring the valuable domain name Fashion.com can now register for the auction at Fashion.com.
The auction will begin October 24 and it follows an unusual format.
It begins with a sealed bid auction process in which bidders can submit a single bid. Once someone bids the secret “buy now” price, that bidder wins the auction so long as no other company submitted a higher bid on the same day. It seems that the most likely scenario of having multiple bidders meet the reserve price on the same day would be on the first day of the auction.
If none of the sealed bids meet the reserve price, the sellers will either accept the highest sealed bid or push the domain to a public auction. The reserve price carries over to the public auction.