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Dutch auction

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noun
  1. a method of auction consisting in the offer of a property at a price above the actual value and then at gradually reduced prices until a buyer is found.
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Origin of Dutch auction

First recorded in 1860–65
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018

British Dictionary definitions for dutch auction

Dutch auction

noun
  1. an auction in which the price is lowered by stages until a buyer is found
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Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012