NEWSQUEST, England's largest regional newspaper publisher and owners of the Argus, is to start holding auctions over the Internet.

The group is to trial the auctions in the north-east within a fortnight, allowing individuals to buy and sell small items online. It plans to roll the venture out across the UK in a few months, reaching Sussex by February. Small collectables such as cigarette cards, Star Wars figures and old postage stamps would be auctioned initially. Users will be able to buy and sell cars and other large items at a later stage. Newsquest executive chairman Jim Brown said the move was originally planned to protect the comany's business but it had led to the development of another business. The company has teamed-up with Auction Universe in the U.S. to both develop the product and take it worldwide. Auction Universe has several years experience in the marketplace and is owned by a number of newspaper groups. Mr Brown said: "The big advantage is that you can auction virtually anything in this way. Some items will have only a local interest other will attract bids from across the country." To use the system buyers will type in a bid price and sellers will specify a reserve price and how long the item should be up for sale.

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