What is a reserve price?
The reserve price is the lowest price the seller is willing to accept for the auction item. When posting an auction, a seller sets a starting price. This amount is usually low, allowing the seller to attract bidders who then drive up the price naturally, by placing bids. The seller can also choose to set a reserve price. This price is higher than the starting price. If the reserve price isn’t met by the close of the auction, the item won’t be sold. Neither the bidder nor the seller will be under obligation to complete the sale, and no contact information will be exchanged. If an auction has a reserve price that hasn’t yet been met, this information will be clearly stated in the auction. A seller usually specifies a reserve price if she is unsure of the real value of an item and wants to reserve the right to not sell if the market value is less than expected. For example, a seller may set the reserve price on a vintage Bead at $35.00 but actually start the auction at $17.00. Any bid und
