anyone have a idea for a name of this.....

ScarsdaleCoin

I want to come up with a reverse type auction....item starts high and goes lower.....I am looking to name this....since you guys are way better at this stuff then me...I thought I would put this out there and see what come up ....let me know....

klorineforbrains

Is this a joke? Wouldn't all items sell for $0.00?

Louis

This reminds me of an ad in the paper for a car and the asking price was $12,000 or more. I wanted to call them and ask "what's the most you would take for it".

CarsonCityGold

A "reverse" auction is just that. The auctioneer starts at a high price and starts dropping at particular increments until someone raise their hand. At that point the item is "sold". It does NOT go up from there. They are lot of fun! How long can you hold out waiting till you raise your hand??

Julian

Are you refering to a Dutch auction, where you have a starting price and the price reduces until someone starts the bidding, and then it commences from there?

I think that current Dutch auctions are for multiple items, where all the bidders get them for the last price to get one.

coinlieutenant

Most true reverse auctions are for contractual type jobs.

Company one says that they can do it for 1Million..

Company two says 900K and so on until the contact is awarded to the lowest bidder...

J

ScarsdaleCoin

I will try to explain for some who are not familiar with it.....

lets say a Coin PCGS cert Morgan is put up at starting point of $100 on the auction

you and I know the retail value is say $80

and the wholesale value is $65

the owner of the coin has set the reserve (in this case min that he will accept at $60)

each hour the price goes down $5

the coin goes down $100 - $95 - $90 - $85 at some point someone will say ok I will buy the coin.......the interesting thing is that if you wait to long....someone else will buy it before you...

I hope this helps.....yes this is for real....still hoping someone can come up with a catch phrase name for it....let me know

Neptune

Go-Lo-Co

(GO LOw COin)

if internet based - you could

e-GoLoCo

or you could just

GoLow
or
e-GoLow

or:

i-GoLow

MORGANHUNTER2

TOP DOWN AUCTION

start at the TOP work it DOWN baby!

ziggy29

Gone-Going-Going.

mgoodm3

Should work pretty well as long as there are enough bidders and no collusion.