1. A method for administering an on-line auction of selected items included in an on-line incentive points redemption catalog, the method comprising: establishing, by a computer system in a database record associated with at least one authorized participant, a total of incentive points available for bidding in the on-line auction by the at least one authorized participant, the incentive points being accumulated over a period of time as a non-cash reward for service or customer patronage; receiving, by a computer system over a computer network, a designation of at least one auction item for an on-line auction, the at least one auction item selected from among a plurality of items included in an on-line incentive points redemption catalog from which the at least one auction item may be purchased by redeeming a preset amount of incentive points during a non-auction period; providing, by a computer system over the computer network, on-line bid access to the at least one auction item by the at least one authorized participant; receiving, by a computer system over the computer network, a bid of incentive points from the at least one authorized participant for the at least one auction item, the incentive points bid being from the total of available incentive points maintained in the database record associated with the at least one authorized participant; maintaining, by a computer system, at least a respective high incentive points bid for each respective at least one auction item in a database record associated with the respective at least one auction item, the high incentive points bid comprising an identity of a high bidding authorized participant and a number of incentive points bid by the high bidding authorized participant; identifying, by a computer system, upon ending an auction period for the at least one auction item, one highest valid bidding authorized participant who submitted a highest valid incentive points bid for the respective at least one auction item; deducting the bid incentive points from the total of available incentive points and adding the bid incentive points to a reserved incentive points value maintained in the database record associated with the at least one authorized participant when the at least one authorized participant becomes a highest bidding authorized participant; and returning the bid incentive points to the total of available incentive points and subtracting the bid incentive points from the reserved incentive points value maintained in the database record associated with the at least one authorized participant when the at least one authorized participant has been replaced as the highest bidding authorized participant by another authorized participant.