I agree with Garfish. Also, I think the idea with the low opening and higher reserve is to entice bargain hunters into bidding at a low price, hoping they will get into a bidding frenzy and meet your reserve. As a buyer I don't like them because since I don't want to bid higher than the reserve, I have to place a lot of bids as I slowly work my way up to the reserve.
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?
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?