Quote:
Originally Posted by spunkeymonkey357
i like the idea but im a little confused by the auctions that say no reserve then start the auction price themselves why not just say its reserved oh well its trivial i know just pointing it out but all in all i like it gives me a chance to pursue my dreams as a breeder some day
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A reserve is a minimum price that the seller sets before the auction. It is the least amount the seller is willing to accept. The seller usually keeps that price secret unless the reserve is met during that auction. If the auction ends and the final bid doesn't meet that reserve price, the seller doesn't have to sell what they auctioned.
Let's say the seller decides his reserve is $50 and starts the auction at $20. If the bidding ends at $40, he can say the reserve was not met and refuse to sell it. If the bids hit $50 or over, he will say "the reserve has been met" and it will go to the highest bidder.
It has nothing to do with setting a starting price. That's why those auctions are not labeled as a reserve auction.
I agree with Harald. I don't know why some of these people think those practices would work. As annoying as it is, luckily we are not obligated to bid or hand them our money.