My 2cents is that I usually avoid bidding on auctions if I dont know what the reserve price is. I once emailed a seller askingwhat the reserve was with the intention of maybe making a direct offer. He would not reveal the reserve so I made no offer. Who knows...maybe hidden reserves are a way of trying to get too much from an item. I cant begin to say how many auctions had a hidden reserve & buy it now option where the bid was within 5% of the buy it now price but the reserve had not yet been met.
Using a hidden reserve price in auctions.
I've been both a buyer and a seller in Audiogon auctions and have not only made excellent deals with terriffic people, but had a lot of fun doing it (thanks, Audiogon!).
I've always wondered, however, why some people bother to use a hidden reserve price in auctions. I suppose some potential buyers may enjoy the mystery of a hidden reserve price, but it tends to just put me off. If a seller has a reserve price, why not just have an auction with a minimum price and no reserve? Perhaps some sellers don't realize that you can do this.
How do you feel about this?
I've always wondered, however, why some people bother to use a hidden reserve price in auctions. I suppose some potential buyers may enjoy the mystery of a hidden reserve price, but it tends to just put me off. If a seller has a reserve price, why not just have an auction with a minimum price and no reserve? Perhaps some sellers don't realize that you can do this.
How do you feel about this?