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Jul. 02, 2003 05:15:59 |
14625 REGISTERED USERS 3054 AUCTIONS |
Help - Dutch Auctions
Dutch Auctions are used to sell multiple quantities of the same item. They allow sellers to sell the same item in various quantities as one single lot in an auction. With a Dutch Auction the items do not have to be listed separately saving time.
In a Dutch Auction, all the winning bidders pay the same price. The final price is determined by the lowest winning bid. So, even if your bid is higher than the lowest winning bid, you will still pay the lower amount. The highest bidders of the available quantities win, and the lowest bid within the group of winners sets the final price.
As an example, if three people bid on one of three items, the price each bidder would pay would be the third highest bidders bid amount and each would receive one item as per their bid.
If there are multiple buyers bidding on various quantities in a lot the highest bidders are the ones that get first service. The highest bidders request for their quantities will be honored, while quantities last. In other words, the lowest winning bidder may not get the quantity they wanted. Therefore, it is not always good to be the lowest successful bidder. The highest bidder will get theirs first which may leave you with just one item, or an amount less than you wanted.
If you want more than one of an item in a Dutch Auction dont be stingy with your maximum bid. By maximizing your bid you may win your requested quantitiy and pay the lowest winning bid price instead of paying the lowest bid price with only one item.
Znowflake
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