PHPauction

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PHPauction includes the main features for an auction site: Reserve price, Buy it now, Standard & Dutch auctions, Item & Auction watch, among many others. It is a good starting point if you are planning to develop your own custom web-based auction site, easy to install and manage through web based installer and friendly administration back-end. Flexible, reliable & easy to customize.

Fantastico provides you with the GPL version, which is governed by the GPL license. PHPauction also has several other premium versions which provide more advanced auction features.