Dutch auction
Type of auction which begins with a high asking price, and lowers it. / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Dutch auction?
Summarize this article for a 10 year old
A Dutch auction is one of several similar types of auctions for buying or selling goods.[1][2][3] Most commonly, it means an auction in which the auctioneer begins with a high asking price in the case of selling, and lowers it until some participant accepts the price, or it reaches a predetermined reserve price. This type of price auction is most commonly used for goods that are required to be sold quickly such as flowers, fresh produce, or tobacco.[4] A Dutch auction has also been called a clock auction or open-outcry descending-price auction.[5] This type of auction shows the advantage of speed since a sale never requires more than one bid. It is strategically similar to a first-price sealed-bid auction.[6][7]