Until recently, auctions were a relatively exotic way to buy and sell goods. The Web has changed that. Electronic auctions have popped up like crocuses in early spring—several hundred now operate online. And yet the place to see state-of-the-art auctions is not on the Web but rather at one of a dozen or so auction halls in Holland, where nearly 60% of the world’s cut flowers are sold each year.
A version of this article appeared in the March–April 2000 issue of Harvard Business Review.