[NTLK] [OT] Re: Reserve Prices (was WALT Auction)

From: TT Mooney (ttmooney_at_dilettantism.com)
Date: Mon Oct 28 2002 - 12:44:47 EST


That's not true at all.

Reserves are used to generate interest in an item and build up a
history of bidding from buyers who may not want to initially pay over
the reserve price.

It's a time-honored auction tradition, and while you're right that it
isn't as upfront as just setting your minimum bid high enough, it does
lead to more bidding, especially in the early rounds of an auction.

In other words, it's a good tool for a seller, but not a great thing
for a buyer.

I personally just prefer to put things up without a reserve, but
sometimes consignees prefer reserve prices -- which is pretty
ridiculous, considering they are using me to get rid of stuff they
don't want.

oy.

ttm

On Monday, October 28, 2002, at 09:33 AM, Larry Zasitko wrote:

> Yes amazing isn't it....
> Reserves are used because then you can set a lower price to start with
> which
> saves a few pennies in the listing fee.... but I agree that it is a
> waste.
>
> Larry Zasitko
>
>> I think it's amazing that the reserve is so high.
>>
>> Reserve auctions always strike me as anticlimactic. When I'm selling
>> costly things, I set the starting price to what I consider the
>> 'reserve' price to be. I think it's just fairer to those bidding. It's
>> lame to get all excited and spend a lot of time bidding just to be
>> foiled by a really high reserve.

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