Auctions provide a level playing field to buyers and sellers alike with a fair amount of transparency in the process thereby creating a win-win situation for both. That is the primary reason why auctions are among the most trusted marketing channels that have lived for more than 2500 years. The first auction happened in Greece around 500 BC where they sold young girls as brides. Since then, auctions have become a part of human civilization and evolved as civilization progressed. Interestingly, the evolution of auction as a marketing channel has transformed it into a platform for creating a virtual marketplace by using technology. Online sales have turned out to be a boon for many industries especially the real estate sector.