Leon-the fact that the auction house says that they have not decided as to whether or not there will be a reserve effectively means that there will be a reserve. What I mean is that if the bidding is "low" on the card I would guess that that would trigger the decision to institute a reserve. If the bidding is aggressive then there would be no need for a reserve and there may not be one. This is a de facto reserve. Can the auction house say when this decision will be made? If it is late in the life of this auction then that reinforces what I have said.
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