A site (Bayshare.com) allows people who are offering individual items for auction to sell partial ownership in their item (shares) at an estimated sale price (before the conclusion of the auction). When the item is sold at the conclusion of the auction the partial owners are paid the value of their shares adjusted to the actual sale price.
For example, a car is offered for sale on Ebay. The seller estimates the sale price at 10,000 dollars, and offers 100 shares at $100 each. When the car is sold, for example at 12,000 dollars, each 100 dollar share is worth 120. The Bayshare.com site receives the payment from the buyer, and disperses the money among the shareholders, minus a commission. The site makes money on these commissions.
The seller remains entirely responsible for delivery and any guarantees made to the buyer. The Bayshare site is also entirely independent of the separate auctioning company. Bayshare.com does not hold auctions itself.
The advantage of this new kind of business for share buyers is that they can gamble on their knowledge of values at a small cost, and see the outcome of their gamble very quickly. And sellers can insure themselves against too low a sale price and also attract interest in their auction.