✒ Penny Pinch, a Chicago street artist, is launching the first Dutch auction for new art. Each of his 15 paints will start at a price of $3,000, which will be cut by $100 every hour until a buyer emerges.
The reason why Mr. Pinch likes Dutch auctions:
“At a regular auction, a potential buyer is influenced by the crowd. Clamour for an offering indicates a higher potential resale value and a greater status gain if the auction is won … When somebody else bids, it is too late. Potential buyers must focus on how much they value the art, not how much others do.”