How do reserves work in the Legendary auction?

[paul]

I've sent an email to Legendary about this, but thought I'd ask here too in case they are slow in responding.

Some of the lot descriptions state that the card has an undisclosed reserve. Do any of you know if there's some sort of signal to let you know that your bid has met the reserve?

Does it matter how much the underbidder has bid in determining whether you've met the reserve? For example, let's say the reserve on a card is $5,000. You place a max bid of $6,000. The next highest bid is only $2,000. Do you get the card for $5,000? Or does your bid register only as $2,500, so you get nothing? (I know there's also the chance that you get the card for $6,000, but that's not what I'm trying to find out by this post).

One more question. Let's say I bid $2,500 but the reserve is $5,000. I don't bid any more than that because I'm the high bidder, but I'd be willing to go higher if there was competition. Will Legendary tell me at some point that I haven't met the reserve so I have an opportunity to raise my bid? Or do I go to bed thinking I won the card cheap, and it goes unsold?

Thanks in advance.

[barrysloate]

There are different ways to implement a reserve, so you really should wait to hear from them. But I was surprised to see that too, as it's something new. I'm guessing with the economy the way it is we will start seeing more protection of lots.

[paul]

For those who are curious, here is the answer I got:

Sorry for delay Paul.



The system will let you know when the reserve is met. We do not bid on behalf of the reserve.



At the end we will contact high bidders in cases where reserve is not met to see if you want to place a bid to meet the reserve. As a hint all reserves are at or below the low estimate.



Regards,

Doug



Doug Allen

President & CEO

[JeremyW]

I was curious about their reserve policy myself.

[Leon]

I don't mind reserves but I don't care for hidden ones....I like to know what I am shooting at.

[JeremyW]

Sometimes a hidden reserve makes me hesitate to shoot at all.