[iggyman]

According to the website the reserve is the "minimum bid" on their monthly internet/phone auctions.

#3. Each lot has a minimum bid, which must be placed in order for the item to sell. Our minimum bids are the actual reserve prices and if met the item(s) will sell; there are no other “hidden” reserves or minimum bids. All bids must be at least 10% above the current high bid showing. You may enter any bid amount you wish (rounded to the nearest dollar) as long it is at least 10% above the current high bid. See “ceiling bids” under #4 below for more details.

On the other hand, the rules for their "live" auctions are a bit different.

All lots will be listed with starting bids, which do not necessarily reflect
published estimates or reserve amounts. Proxy bids placed via phone, fax,
email, or mail (see #2 above) will be entered into the online pre-bidding
system along with any applicable reserve amounts so that online bidders
will be able to see the current high bid at any given time.

Also found this nugget regarding the live bidding format. Now, my wonderlic score is not the best, but I believe it basically says that Hunt can raise or reject your bid if they are having a bad day....

The auctioneer reserves the right to reject any bid or raise which, in
the auctioneer’s opinion, is not commensurate with the value of the
lot being offered or which may have a detrimental effect on the lot in
question or the auction as a whole. Reserve bids may be executed on
catalogued lots on behalf of the seller and shall be executed confidentially
in a manner similar to the execution of absentee bids.

Lovely Day...