"Definition: 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."
I'm running a Dutch Auction with some of my painting inventory. Please visit my blog for more details and participate in the bidding!! :D