There's another relatively minor (but at the same time major) aspect that scares potential bidders away from auction reserves, and that's every collector's goal of getting below-market-price steals on cards.
(I won't speak of the people in the hunt for 1952 Mantles and the like, as that's a whole different thing entirely.)
For 'regular' collectors like me (who aren't on the hunt to land the specific card), when you see an auction starting at, say, 99 cents - BOOM!!! - you add it to your watch list, because there's always a hope/chance you'll end up winning it at a great price. Having a reserve (whether or not, as everyone has said, it's crazily high) tells potential bidders right from the get-go that you ain't ever going to get that card at a bargain, so the listing just gets passed by.
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