  We examine the unique format of the Istanbul Flower Auction and compare it to
traditional Dutch and English auctions, emphasizing the need to auction large
volumes rapidly. In a model with time costs, we study how this auction format,
which cleverly combines Dutch and English auction mechanisms, manages time
costs by dynamically adapting to initial bidding behaviors. Our numerical
analysis considers specific time cost functions and reveals the high
performance of the Istanbul Flower Auction in comparison to standard auction
formats, in terms of both auctioneer and bidder utilities. This work highlights
the critical role of auction design in improving social welfare, particularly
in scenarios demanding the quick sale of numerous lots.
