PriceCharting Marketplace has a feature letting users list a game as descending price auction. The price goes down until someone buys it.
I'm selling my rare Stadium Events in a descending price auction to familiarize everyone with how they work.
Bidding starts at $13,000. Then every hour the price drops by roughly $12. The price keeps dropping until someone buys it.
Why Descending Auctions?Descending price auctions are good for buyers and sellers for a couple of reasons.
- Items always available: Buyers don't have to wait until a specified ending date and time to know if they won or not. If they like the price now, it is available immediately.
- Reserve price is built in: There is no hidden reserve price where you're highest bidder, but don't win. The seller sets a minimum price they will accept. The listing automatically approaches that and then stops decreasing.
- Market price reached: Its hard to know the market price for some items. Stadium Events only sells a couple times a year and the exact condition can change the value a lot. An auction quickly reaches market value.
- Less maintenance time: Seller don't need to continually update their listing with different fixed prices to help their items sell. List it once and the marketplace automatically lowers prices for you.
Predict the End Date and Time & Get $50If you can't afford to buy Stadium Events, you can guess when the auction will end. The closest guess will win $50 to spend on the PriceCharting Marketplace.
Guesses close 2/18/16. The winner is closest overall, doesn't matter if you are over or under.