What is Reserve Price Auction?
• A reserve price is the minimum price a seller is willing to accept for the item. • As a buyer, you are not shown the reserve price, only whether the reserve has been met. • The seller is not obligated to sell the item if the reserve price is not met. • The winning bidder must meet or exceed the reserve price and have the highest bid. • When there is a reserve price, bid as usual, entering the maximum amount you’re willing to pay for the item. • Watch the label next to the current price to see whether the reserve price has been met. Until you see that the reserve price has been met, there have been no successful bids in the auction. • Once the reserve has been met, the item will sell to the highest bidder when the auction closes. • If your maximum bid is the first to meet or exceed the reserve price, the effective bid displayed will automatically be raised to the reserve price.
