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How does a Dutch Auction work?
Bidders can bid on as many of the available items as they like (including just one).At the end of the auction, the buyer who bid the highest wins the number of available items they bid on at the lowest price bid by everyone up to all available items . Any remaining items are sold to the bidders below until the quantity is gone. It's not quite that simple but that is the top level concept.When the auction actually finishes it can get a little confusing.Quick example. Let's say you have 10 widgets you want to sell and your opening/lowest price is $5.Bidder 1 bids for 3 of them at a price of $6Bidder 2 bids for 4 of them at a price of $5Bidder 3 bids on 4 of them at a price of $5Bidder 4 is hot for them and bids for 5 of them at a price of $15The auction ends and the winning price is still $5 despite the bid of $15 because $5 was the lowest bid price.Bidder 4 gets 5 for $5Bidder 1 gets 3 for $5 (he bid more than 2 & 3 so takes precedence)Bidder 2 gets the remaining 2 for $5-------That's all 10----------Bidder 3 is left out since bidder 2 bid at the same price first and ate up the remaining items.So basically the higher bidders got priority but still received the items at lower than they bid due to the competition and resulting lowest bid.In some cases, winners who win but do not win their total bid on number of items have the option to not make the purchase since in essence they did not win what they bid on.
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