Descending Auction

A descending auction, also known as a Dutch auction, is a selling method where the auctioneer starts with a high price that decreases over time until a buyer accepts the current price or it reaches a predetermined reserve price. This type of auction encourages quick decision-making, as potential buyers must act fast to secure a good deal. It’s often used for selling perishable goods, such as flowers or fish, but can also apply to various items in different contexts. The aim is to attract buyers by lowering the price until someone is willing to purchase.