Clock Auctions

With all restaurants shut down here in Israel, wine importers have turned to selling directly to consumers to make up the slack. And coming up with some creative ways to discount merchandise. So one has held a clock auction this weekend, where for 3 days they've been offering wines at discounts, increasing the discount every day, so you're gambling how long to wait to make your move before the wines you want are out of stock and never knowing whether they'll be subject to further discounts and whether the additional discount would be worth it.

So anyway, my question is, how common is that? I'm just curious. I enjoyed the chase, so I have no problem with the concept, and it's nice importer with a fine portfolio and I had plenty to choose from.

[David M. Bueker]

I think Crush in NYC used to do a progressive sale, where the discounts got steeper over time. Don’t know if they still do.

So our local importer called it a clock auction to make it sound sexier.

[David M. Bueker]

Ha!

Yes, Crush still does the progressive sales, I've also seen Morrell do them.
Crush is usually a sale price followed by a further reduction, but unpredictable how much.
I think last time Morrell was day 1 15% Off, Day 2 20% Off, Day 3 25% Off

In the antique trade that is called a Dutch auction - decreasing asking price and the first bid takes it. The strategy is interesting compared to a regular auction.

It is called a Dutch auction because that is how the wholesale flower trade in The Netherlands always functions. It is the most efficient way to move large lots of highly perishable goods (such as flowers) in minimal time - the price drops until one bid clinches the sale. There are no bidding wars and no time wasted. The term 'clock auction' probably arose from formats where a display like a clock dial visualized the dropping prices.