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!
