[Archive]

Posted By: leon

If you read the rules you will know. We believe the best way to run a reserve auction is to let bids be given on items to get "action" on them. With 2-3 days left the reserve will be disclosed, if there is one, in the auction description. We believe it's the best way to do it. Others might disagree. At the end there is no hidden reserve and the consignor is the one who will choose if there will be a reserve.....and if their lot(s) don't meet the reserve then they will pay the BP of the reserve price that they elected to have.....so if the reserve is $10,000....and the lot only goes to $5,000 then the consignor will not lose 5k...but they will have to pay $1250 as the reserve fee...... We believe it's a win for everyone.....I know for a fact that friends have friends bid in even the biggest auctions so they won't lose a ton of money (if 2 bidders don't show up for their lot).....I hope this helps to explain our thinking...regards