I just had to chime in even though this is not exactly related to "no reserve being the truth" My concern is with auctions that have a reserve price that is too high. This would mostly be the case with dealers rather than individuals. I have noticed several items in auctions in which the reserve price reflected a 20% or less discount from retail. So in effect it's not really an auction but a dealer trying to sell their wares at almost full retail. This seems unfair and a waste of bidders time. It's a lot of work to watch an auction for an especially hot product that even bid after bid after bid (one I counted 72 bids), the reserve price was never met. It is the dealers way of getting you all excited and thinking you will get a good deal when actually to win the item you would just as well pay retail. Most brick and mortar dealers can give you 10% off of items over 1k retail. Why go to the trouble of participating in this kind of Auction. It is frustrating to say the least. A suggestion is that for dealers to participate in an auction the reserve price must be say at least a 30% discount from retail. Otherwise they should just post a demo or classified add. It's no fun to spend all that time watching, bidding, and winning only to find out there is no way in hell you are going to get the item because the reserve was way too high! Also a question for you bidders: If the reserve price is not met, is the winning bidder still obligated to buy? If yes than that is interesting because it means the seller holds all the cards. I guess if I were a dealer I would auction everything with a high reserve and then see where things fall. Hmmmmm
Is no reserve really the truth?
Isn't an auction with no reserve but with a minimum bid kind of misleading? A current auction here states that a Wadia 850 CD player is being auctioned off starting at $1 with no reserve. When you go to this auction you find that there is a minimum bid of $2960. Is this not for all intents and purposes a reserve or just plain old false advertising?