Quick overview
1. Items start at a price ceiling.
Sellers list their items at a high price, or 'price ceiling'. It may remain there for up to 7 days of a 'Catch-It' period, during which the price stays the same.
2. Place a bid or buy the item.
At any point during the listing you may buy the item. If you would rather wait until the price falls further, set a bid for a price lower than the current offering.
3. The listing ends at a price floor.
Once the Catch-It period ends, the price begins to descend evenly over the duration of the listing. The low price, or 'price floor', is set by the seller and is invisible to the public. If the price reaches the floor before someone buys the item, the listing ends.