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Personally, I'm fine with secret and silent reserves, and I think they're completely ethical as I understand that a consignor may not want to sell for a major loss. Saying that however, I wish that they would state the reserve, so that I can determine whether or not I am able to meet the minimum price that the consignor wants on a lot. Silent lots are very common in ebay. When this happens on a lot I'm interested, I often email the seller to ask what the reserve is, and they usually answer it. I wish I could do this with auction houses. Secret reserves are less common, but I saw many lots that had that in the last Hunt live auction.
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