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#4
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I saw this pennant at an estate auction (didn't see it in person), and had placed what I thought was a pretty good absentee bid on it, but didn't pick it up. I know that so far the bidding has not reached what it sold for at the auction house, so the seller llikely has his reserve set to ensure he doesn't lose money on it. In my experience watching auctions on ebay, reserve auctions often don't do that well, and often don't meet their reserves, while if they were started at 9.99 and let run without reserve they would have fared better.
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