What is a Dutch Auction?
A Dutch Auction occurs automatically on Minnesota Twins when a seller has multiple, identical items offered for sale. The seller specifies the minimum price (the Opening Value) and the number of items for sale. Bidders can then bid at or above the minimum price for the quantity of items they wish to purchase. At the close of the auction, all winning bidders purchase the items at the same price, which is the lowest successful bid.
A Dutch Auction is an auction in which the seller has multiple identical items to sell. When starting a Dutch Auction the seller must enter the quantity, starting bid (reserve price is not used) and bid increments. All winning bidders pay the same price, which is the lowest successful bid. Bidders must specify both a bid price and the quantity they want to buy. Proxy bidding is not used in Dutch auctions. Again, all winning bidders pay the same price, which is equal to the amount bid for the last item of the collection. Example: Say there is a dutch auction for ten identical items.. Lets say at the end of the auction there have been four bidders… the first bidder bid £3 the second bidder bid £4 the third bidder bid £5 the fourth bidder bid £6 At the end of the auction the four winning bidders each pay £3 (this is the lowest amount, in this case £3) Now let’s say (using the same scenario) the dutch auction was only for three identical items… only the second, third and fourth bidders
A. On a “Dutch Auction”, there are multiple amounts of an item available. The number of items available dictates the amount of winners possible. One of the most appealing options about the “Dutch Auction” is that the top winners all pay the lowest price bid by the lowest winning bidder. If you only want one (1) of these items, only bid on one (1) and you will only pay shipping on one (1) item. You may want to check eBay’s FAQ (Frequently Asked Questions) under ‘Dutch Auction’.
