Our e-sales system currently uses the following sale format
The format of our electronic tenders is the same as the conventional paper tenders that customers may have been familiar with. The academic description of this type of sale is a 'simultaneous, first-price, sealed-bid auction.
- Simultaneous - All lots are presented for bidding at the same time (rather than one after another)
- First Price - The winner pays the price they've bid for the particular lot
- Sealed-bid - Bids are confidential and cannot be viewed by anyone, other than the bidder, before the event closes. Winners and winning bid prices are not published following the sale.
- Dutch Auction - A Dutch auction is an open-outcry, descending-price auction. It is essentially non-competitive: the price is pre-specified and so long as quantity remains, every bid wins. This format originated in the Netherlands, where flower growers used a descending-price format to sell off variable units of flowers as the quality of the product decreased over time (this system is not routinely used by the FC at present).