What is a Dutch Auction and how does it work?
A Dutch auction is a special auction formated to handle a situation in which a seller has multiple, identical items that he/she wishes to sell. The seller specifies the minimum price [starting bid] and the number of items he/she has available to sell. Bidders can submit any amount at or above the minimum for a specified quantity they are interested in purchasing.
The bid amount reflects what the bidder is willing to pay for EACH of the items. At the close of the auction, the highest bidders earn the right to purchase the items at the lowest successful bid.
Bid amounts are for (each) item.
Shipping is for (each) item.
Taken from
Auction Inc Help Pages
Alternatively
Continuous Dutch Auction Bid Format
The Dutch Auction has been around for nearly a century, starting in Holland as an auction to sell
tulips. The main principal of the Dutch Auction is that at set time intervals the sell price
incrementally goes down until a bid is made. That first bid made is the winning bid.
Taken from
CattleOfferings.com Help Pages
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