By Christopher P. Singer ---
Ocean Tomo® will hold its first live intellectual property auction of 2007 in Chicago on April 18-19. It's first two auction events, held in April and October 2006, resulted in $8.5 million and $23 million of transactions, respectively. The auction is held much the same as a traditional English-style auction, including a live auctioneer who will take bids in person, by phone, by proxy, and by absentee instruction.
In order to account for issues particular to intellectual property (i.e., prolonged due diligence), Ocean Tomo® maintains a secure on-line catalog and "data room" that has a list of intellectual properties for sale. The property owners will post information about their items up for bid in the data room, such as government office correspondence, license agreements, and background information on any prior enforcement or litigation. The prospective buyers can maintain anonymity through blind or double blind bidding. Further protection is provided by a required written covenant 
by every seller and buyer that states the actions taken during the auction will not be used as evidence in any future enforcement activities.
More information about the Ocean Tomo® Live Intellectual Property Auctions can be found here. My only advice: if you recognize anyone during the auction, don't wave at them!
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