Reserve Auctions
Published on April 28, 2009 by steve in TM Auctions
Following the recent article on No Reserve Auctions:
On the other hand you could list an auction starting at $1 with a reserve of $20, and until a bid matches $20 or more, the item will not sell. In Thomas Multimedia’s auction platform, the reserve price is hidden from the buyer – in other words they have to stab in the dark until they find the starting price.
However once the reserve price is matched or exceeded, the current bid will stand at the reserve price. In other words, if Joe placed a bid of $100 on an item with a $50 reserve, his bid effectively would stand at $50, and provided no-one else bids, he would win the item for $50.
If however a second bidder entered the bidding, the system would automatically place a bid on Joe’s behalf all the way up to $100.
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