The emerging success of online auction marketplaces has challenged researchers to identify the characteristics that affect success of these auctions. It is far from clear how certain auction characteristics affect bidding decisions in the context of individual ethical foundations. We conducted an exploratory study that examined which auction characteristics were most important when making decisions for selecting an auction and when deciding on how much to bid. Results indicate that online auction buyers do treat the importance of auction characteristics differently at each decision. Interesting findings with regards to seller feedback and various other auction characteristics warrant further study.