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!
