Is no reserve really the truth?

Interesting timing on this question, because I have just had an experience here on Audiogon that made me inquire (to the Audiogon staff) if a seller could post a reserve price AFTER the auction began. I bid on a TEAC mini-system and the auction page stated that I was the high bidder (admittedly at a very low price). There was no reserve price posted, and I have the printout of the page to prove my point. A day later, when I checked the progress of the auction, there was a reserve price posted that had not been met. I sent an E-mail to Audiogon for a clarification, and they said that there was NO WAY that could happen, since sellers are not allowed to post a reserve price once an auction begins. However, the E-mail I received from Audigon DID say there was a chance of a glitch in the software. Hmmm, now that leaves me feeling really reassured! I guess the main point here is that one must study the terms of selling by auction, and exercise some caution even on Audiogon.

Hi, Fpeel: I share your thoughts. The reserve price method is a ploy, in my opinion. If one is not going to accept a bid below a certain point, then establish that point as the opening bid requirement. You may not get a lot of the early bidders, but you also eliminate the "looky lou's". With regard to the "bait and switch" technique I think I experienced with the reserve price suddenly appearing after I was declared high bidder, I'd be very interested to see Audiogon respond the points in this thread.

Audiogon staff: Thank you very much for taking the time to respond to this thread. I sincerely mean that. On the whole I have been very pleased with my experiences, both as a seller and a buyer, on Audiogon. I have been a long-time audiophile, and have also sold high-end gear, so my opinions have been shaped through a lot of experience. I understand very well what "high bidder" and "reserve price" means. In the example I listed above, there was no notice of a reserve price, or "reserve not met", following my bid of $300 the TEAC mini-system auction. A day later, there was a "reserve not met" notice on the auction page next to my bid. I'm not accusing anyone of dishonesty, but it did seem odd.........A final point: I dislike the reserve price approach because it's too gamey. High-end audio used to be a hobby and avocation for many of us, and there was a shared sense of honesty and comaraderie. I find it very distasteful to go through the marginally honest and misleading process of bidding that characterizes the whole notion of "reserve price". If sellers want to play that game, let them do their business on E-Bay. I would hate to see Audiogon become just another cheesy auction site. Thank goodness for the classifieds you have!!!