Create a Dutch auction

In a reverse Dutch auction, buyers establish a starting price per lot, which gradually increases at predefined intervals until a reserve price is reached. Bidders choose whether to accept the current price or wait for further increases. The first bidder to accept secures the lot at that price.

There are two types of Dutch auctions:

1. A Reverse Dutch auction: starts with a low price and then gradually increases it on a pre-determined timed interval. The first Bidder to accept the current price instantly wins. The Auction type is set as Reverse by default.
2. A Forward Dutch auction: starts with a very high price and then gradually lowers it on a pre-determined timed interval. The first Bidder to accept the current price instantly wins.

There are two price change types:

1. Fixed: The price changes by a fixed value after each interval.
2. Percentage: The price changes by a percentage value after each interval. The percentage value should be greater than 0% and less than or equal to 100%

Create a Dutch auction event

To create a new auction event, complete the following steps:

1. On the Events page, select Create event
2. Enter the event name in the Event name field
3. Click Auction as the Event type
4. Choose Dutch as the auction type
5. Click Create event

Configure the Dutch auction event

1. Navigate to Event Settings in the Design menu
2. Specify the Auction type, Reverse or Forward
3. Select the price change type, Fixed or Percentage
4. Choose the award criteria. Single winner or Split award (coming soon)

Single winner bidder means that whoever bids first their bid will be accepted (first come first wins basis).

Schedule the Dutch auction:

1. Navigate to the Schedule option in the Design menu
2. Select the Bidding start time
3. Set the Price change time

Complete the Bid sheet:

1. On the Bid sheet option in the Design menu, click the Lots tab
2. Enter the Lot IDs
3. Click on the Columns tab. By default, the Lot ID, Start Price, Price Change, and Reserve columns are already included. 

• Start Price: The start price is the initial price set by the buyer at the beginning of the auction. In the reverse Dutch auction setting, it's typically set lower than the expected market value. The start price serves as the baseline from which the auction proceeds.
• Price Change: The price change is the rate at which the price increases or decreases during the auction. In a reversed Dutch auction, the price is gradually increased from the start price until a bidder accepts the current price. The price change rate can vary depending on the auction's rules and parameters set by the buyer.
• Reserve: The reserve is the maximum acceptable price that the buyer is willing to accept. It acts as a safety net for the buyer, ensuring they won't buy above a certain acceptable threshold.