A Dutch auction is a type of auction where the auctioneer begins with a high asking price which is lowered until some participant is willing to accept the auctioneer's price, or a predetermined reserve price (the seller's minimum acceptable price) is reached. The winning participant pays the last announced price. This is also known as a "clock auction" or an open-outcry descending-price auction.

This type of auction is convenient when it is important to auction goods quickly, since a sale never requires more than one bid. Theoretically, the bidding strategy and results of this auction are equivalent to those in a sealed first-price auction.

According to www.dictionary.com

An auction in which an item is initially offered at a high price that is progressively lowered until a bid is made and the item sold.

also has Dutch auctions where the seller has several of the same item and the lowest bid received is what the items will sell for.

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