Domain registrar and web hosting provider Go Daddy (godaddy.com) recently announced that it is holding Go Daddy Signature Auctions (godaddysignatureauctions.com), a live online domain name auction from November 6 to 8.

"We've said it many times, domain names are real estate of the 21st century," claimed Bob Parsons, founder and CEO of GoDaddy. "We wanted to give people a chance to secure some prime Internet space through a fast-paced, easy to use auction."

Open to the public, Go Daddy said bidding starts at the seller's reserve price, so a single bid can take the domain name. Once users are qualified to bid, they can bid on more than 25 domain names and there is no time limit to each auction.

If interested parties are unable to attend the auction for their domain name of choice, they can place a sealed proxy-bid, which automatically bids for them until their pre-set limit is reached. All winning transactions will be handled through Escrow.com. The list of domain names up for auction will be available October 24.