posted on February 19, 2001 05:24:28 PM new
Hello Everyone:
This is probably an easy question for those who do dutch auctions all the time. I just had my first dutch auction. The opening bid price was $8.99. I had 5 items up for auction. I only got two bids. One for $9.50 and another for $20.00. I presume that the cost would be the low bid of $9.50. Am I correct or does it fall back to the opening bid price of $ 8.99 ? Your help is appreciated! Joe
posted on February 20, 2001 12:28:56 AM newWhy does it work like that.... "
Dutch auctions are, in a way, the opposite of a normal auction. Everybody pays the lowest successful bid amount - and that will be the opening amount unless all the items have been bid on.
Personally, I think somebody just wanted to come up with a format that was almost universally confusing.
posted on February 20, 2001 11:33:14 AM new
I realized after an auction was over that the seller charged me my bid on the Dutch and not the lowest bid price. I already paid by paypal, and it was ony .50¢ difference so I didn't bother making a fuss. Dutch auctions are so confusing for sellers and buyers that I try avoid listing them.
