I have had an experience with a hidden reserve and a minimal opening bid that ended up being beneficial to both me[the buyer] and the seller. As is my practice with these types of auctions I decide my maximum bid[my buy it now price] and stick with that no matter what. I placed the bid but it turned out to be below the hidden reserve so I thought I had missed out on the item. However, a day or so later the seller contacted me [the item had not sold] and we eventually made a deal that was below his reserve and slightly above my bid. Had he set a minimum bid at the same amount as the hidden reserve I probably would have passed and not bid at all. In general, however, I avoid auctions - twice I was the high bidder but still placed a higher bid .
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?