Quotes on Dutch Auctions. Quotations
Hi, do you know of a remarkable, humorous quote by a famous person or a proverb related to (Dutch) Auctions?
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"We're more familiar with what economists call an English auction - prices start low and rise as people bid. However, there is also the Dutch auction, where prices start high and go lower until somebody bites. Movies are sold to the audience via a very slow Dutch auction, where each phase between price drops can last weeks or months."
"At a Dutch auction, the seller determines a too high starting price and lowers it until someone agrees. This is often the case with agricultural and horticultural products and fish, including flower auctions and fish auctions. An auction clock is usually used for this. The highest attainable price is then established (in theory) because the bidder who has the most money for the party or item also offers the first. When the price drops below a certain minimum value, the clock is stopped and no transaction takes place."