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Dutch Auction

A Dutch auction (also called a descending price auction) refers to a type of auction in which an auctioneer starts with a very high price, incrementally lowering the price until someone places a bid. That first bid wins the auction (assuming the price is above the reserve price), avoiding any bidding wars. This contrasts with typical auction markets, where the price starts low and then rises as multiple bidders compete to be the successful buyer.

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