How do reserves work in the Legendary auction?

[thekingofclout]

Originally Posted by Exhibitman

I believe the consignors have already stated their positions by contracting for a reserve in the first place.

I'm fine with a reserve. I just bid what I want to bid and if it meets the reserve, great.

I do think that the snippy commentaries about sellers who use a reserve wanting more than "market" are misplaced, though. There is no overarching moral rule that a seller has to take whatever a card brings in an absolute auction, nor is there any fixed price market for cards. So long as the legal requirements for a reserve auction are followed an auctioneer is perfectly within its rights to offer lots subject to a reserve and the prior "market" price on cards is just whatever some seller was willing to accept for the card in the past under some circumtance. Different seller, different set of priorities and different circumstance. That's why it is so difficult and ultimately disingenuous to structure a price guide on theoretical prices for cards that haven't actually transacted; you just don't know...

Exhibitman is dead, solid, perfect with this post.