Dutch auction

A Dutch auction is one of several similar types of auctions for buying or selling goods. Most commonly, it means an auction in which the auctioneer begins with a high offer price in the case of selling, and lowers it until some participant accepts the price, or it reaches a set reserve price. This type of price auction is most commonly used for goods that are required to be sold quickly such as flowers, fresh produce, or tobacco.

A Dutch auction has also been called a clock auction or open-outcry descending-price auction.
This type of auction shows the advantage of speed since a sale never requires more than one bid.
It is strategically similar to a first-price sealed-bid auction.

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