A Dutch Auction is a descending or ascending price auction where the starting price is set high and then decreases at set intervals until a bidder accepts the current price. The first bidder to accept the price wins that round. Once one bidder has bid on one lot it is then closed for all other bidders.
When you have been invited and accepted the invitation to a Dutch Auction you will be able to participate once the event goes live according with the schedule the event organiser has set for the event.
Once the event is live you will be able to access the Auction. In the Overview tab, the event information will be displayed. Your bid submitted and Next Price Increase time will also be visible.
In the Bid Sheet tab, you will see:
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A list of available lots
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The current Ask Price for each lot
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A “Bid” button next to each active lot
Below is an example of the view a bidder will see in a Dutch Auction.
How to Place your Bids:
If you wish to bid on a lot, click the “Bid” button next to the Ask Price. If you successfully bid, that lot will close and no further bids will be accepted on it.
Please note you cannot retract your bid once submitted.
If another bidder has bid on the lot, the lot will be closed and you as a bidder will not be able to bid on the certain lot. Below in the example you can see the lot Steel_2_Stainless has been closed.
Navigate to the “Accepted Bids” tab to view the lots you’ve successfully bid on.
You’ll see the Lot ID and the Ask Price you accepted.
Dutch Auctions follow a descending or ascending price format in which lots are awarded to the first bidder who accepts the current price. Once a bid is placed, the lot is immediately closed and unavailable to other participants.