What is a reserve price?

A reserve price is the minimum amount a seller is willing to accept for an item in an auction. If bidding doesn't reach this threshold, the item remains unsold.

Why do we allow reserves but not display them?

We allow sellers to set reserve prices to protect their investment, but we don't display these reserves to bidders for several important reasons:

• Encourages natural bidding behavior: When bidders don't know the reserve, they bid based on their true valuation of the item rather than just meeting the minimum threshold.
• Creates auction excitement: Hidden reserves maintain the suspense and competitive nature of auctions, which often leads to more engaging bidding experiences.
• Protects seller interests: Displaying reserves can anchor bidding around the minimum acceptable price rather than allowing the market to determine the true value.
• Prevents price anchoring: When bidders see a reserve price, they may perceive it as the item's value ceiling rather than its floor, potentially limiting higher bids.

How do bidders know if they've met the reserve?

Our platform clearly indicates when a reserve has been met with a notification. Until that point, bidders will see an indication that the reserve has not yet been met.

Is this standard practice in auctions?

Yes, hidden reserves are a standard and widely accepted practice in both traditional and online auctions. Most reputable auction houses follow this approach.

What if bidders are concerned about high reserves?

We encourage bidders to bid what they feel the item is worth to them. If you're concerned about a potentially high reserve, you can always contact the sellers customer service team for general guidance about typical reserve ranges for similar items but there is no guarantee that the seller will reveal this information.

Do all items have reserves?

No, not all items have reserves. Sellers may choose to list items with or without a reserve price. Items without reserves will be clearly marked as "No Reserve" auctions.

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Can a seller change the reserve during an auction?

No, once an auction begins, the reserve price cannot be changed. This ensures fairness to all participants in the bidding process. However, if an auction ends but the bid does not meet the reserve, we do give the seller the capability to accept the highest bid even though it has not met the reserve.

Related

Using the Bid Acceptance Portal

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