Rather than make an official counteroffer, I sometimes will tell the potential buyer what I'd accept and leave it up to them to submit another offer. For example, let's say I'm selling a piece for $1000, and someone offers $850. I will decline the offer but send a note thanking them and saying that I would accept $925 but won't go lower. Then it's up to them to decide whether that price is acceptable. If they offer anything lower, I just decline with a "no thanks."
Offer / counter-offer? Audiogon rules
I am a seller. I receive an offer. I immediately counter-offer. The potential buyer declines it. Is the buyer still bound to his original offer for the orignal 48 hrs.?