Dtwomey, you've been mistaken, I checked out that auction of Wadia 850 and the opening bid was $1.00 So far, there were many bidders and the price is up to $2930. Therefore ,the minimum now is $2960. If you were the first person to place a bid, you could have placed it at $1.00. I hope my explaination is of help to you.
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?