Dutch Auction

Dutch Auction is in a way is English auction reversed. Here, too, each bidder sits with a button in front of her, and there is a clock displaying the price in front. The starting price is usually one that no bidder is willing to pay because it is too high. As the auction starts the price starts to gradually come down. The first bidder to press the button stops the clock, wins the object and pays the price at which she stopped the clock. The auction for the object ends there.

I have read that Aalsmeer's flower auction in Netherlands is one of the rare places where this type of auction takes place.