A Dutch auction is a unique bidding process where the auctioneer starts with a high price that gradually decreases until a buyer accepts the current price. This method encourages quick decisions, as bidders must act fast to secure the item before someone else does. It’s often used for selling perishable goods, like flowers or fish, where time is of the essence. In contrast to traditional auctions, where bidders compete by raising prices, a Dutch auction allows buyers to compete by being the first to accept the lower price. This creates a dynamic and exciting atmosphere, making it an interesting alternative for sellers and buyers alike.