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its a bit like a dutch-runner but you have to pay the person who's doing it.
Geoff: I'll pay you £5!
Fil: I'll pay you £20!
Mitch: Fair enough, Fil wins this Dutch Auction, when do we start?
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A reverse auction in which goods begins at a high asking price but are then offered at progressively lower prices until a bidder is found. A practice used on eBay.
The Dutch auction is how Dutch tulips are bidded on.
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n. (1) An auction having several of the same item up for bid at once, with a minimum bid. Bidding starts with people offering a fixed price at or above the minimum for a certain number of, or all of, the items available. Highest offered price wins, regardless of how many items were bid on by that bidder, and winners then descend by final offered price.
A feature unique to this style of auction is that, if a lower-bidding participant bid for x items, but due to higher-bidding winners could only buy fewer than x, he has the right to back out and purchase none at all.
(2) a form of auction similar to the above, once but no longer held on eBay, in which the same rules were generally followed, with rules for bid times and final winning prices calculated slightly differently.
They had ten signed NFL footballs up at the stadium that they were dutch auctioning off for charity- one guy got 5, one got 2, and I got 3 and paid the least!
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