What is a reserve price, and how does it affect my bidding?
A seller has the right to specify a ‘reserve price’ for a lot. When such a price has been defined, it means that only the buyer making the highest offer, which is above the ‘reserve price’, will win the bid. If the offer is below the ‘reserve price’ the seller is not obliged to sell the item. (‘Reserve Not Met’/’Reserve Met’) — The seller is obliged to sell to the highest bid if this corresponds to the reserve price or is higher. The reserve price often reflects the seller’s perceived value of the item and is hidden from buyers until it is exceeded. The auction commences at the opening price and will display ‘Reserve Not Met’ against the lot. Bids can be made until the end of the auction. When a bid exceeds the hidden reserve price, the product is clearly marked with ‘Reserve Met’, the obligations change and bidding can continue.
