[Leon]

Personally I don't care for unknown reserves and I hate secret (not even knowing there is one at all) ones even more. In today's economy and hobby there is no doubt they are sometimes needed. No problem there......I just don't like shooting at an unknown target or even worse yet, no knowing there is a reserve whatsoever. As for being ethical? I think so, if communicated correctly. BTW, running a small auction company, this is the way we do it too. Though we usually decide to just start the auctions at the reserve price, therefore, there are safeguards for consignors but no secrecy (or technical reserves) involved. I can also see the point of letting bids happen before revealing a reserve, if that is the preferred methodology. "Action" on items is a good thing and a later revealing allows that to happen. Just my opinion. regards