BillinMo
Well-Known Member
Got a question for anyone familiar with auctions...
What's the point of having an undisclosed "reserve" price that's higher than the minimum opening bid?
If, say, a consignor says "I won't sell it for less than $1000.00" then why not make the minimum bid $1000.00? Why set opening bid at 100.00 or 500.00?
What's the point of having an undisclosed "reserve" price that's higher than the minimum opening bid?
If, say, a consignor says "I won't sell it for less than $1000.00" then why not make the minimum bid $1000.00? Why set opening bid at 100.00 or 500.00?