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Using a hidden reserve price in auctions.

I've been both a buyer and a seller in Audiogon auctions and have not only made excellent deals with terriffic people, but had a lot of fun doing it (thanks, Audiogon!).

I've always wondered, however, why some people bother to use a hidden reserve price in auctions. I suppose some potential buyers may enjoy the mystery of a hidden reserve price, but it tends to just put me off. If a seller has a reserve price, why not just have an auction with a minimum price and no reserve? Perhaps some sellers don't realize that you can do this.

How do you feel about this?
stevegolf1

Showing 1 response by garfish

garfish
1,840 posts
 
Hi Steve; I've done several eBay auctions and have usually used a "hidden" reserve-- eBay explains the benefit (reasons) for using it: paraphrasing, a lower minimum bid (than reserve) will attract more bidders, but may not be the minimum price a seller is willing to accept. OTOH, if you post the minimum you will accept up-front, you may attract no bidders at all. And in fact, I've found this to be true. I guess it's just auction psychology.

As a buyer though, I tend to agree with you, I don't care for the hidden reserve either. Craig
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