Reverse Auction

[Dragon Master]

I was talking to a couple of people the other day about this as there seems to be an awful lot of "auctions" going on lately (although I have noticed not all of them end up at auction) and I'm curious as to what all of your opinion is on these. I don't really have much of an opinion either way as I don't really know enough to have much of a valid opinion but curiosity has gotten me and I'm interested in what you all have to say on these as either a buyer or seller.

As far as I'm aware a reverse auction is when you start at a ridiculous amount and work your way back and the first bidder wins it at that price. Is this how it goes?

[eri]

a dutch auction is where you start at a high price and slowly drop it until someone buys

which is how normal sales generally go anyway

the trick is in getting lots of people watching as you lower the price

[jimO]

i thought a dutch auction was where you offer x the agent tells other people your offer then they offer y then the agent comes back to you and so on and so on

[eri]

http://en.wikipedia.org/wiki/Dutch_auction