Monday, March 26, 2018

Do you use auction reserves?

Do you use auction reserves? No. A No-reserve auction (NR), also called an absolute auction, is an auction in which the item for sale will be sold regardless of price. Vesus a reserve auction, where the item for sale may not be sold if the final bid is not high enough to satisfy the seller. We don't use Reserves for some very good reasons. Many owners may attach Sentimental Value or over value pieces. Strangers won't include unseen value. When we experimented with Reserves our items went largely unsold with a large expense in labor and storage. There has to be some business activity for a company to succeed so we could not afford to use reserves. The items that were sold with a reserve price were often sold at that price, so with a reserve you are telling the public what you think it will sell for. But most often, the bidders would not register for an auction with reserves. They don't want to waste their time chasing an owners caviar dreams! Items typically sell for market price. You have to have confidence in your product, that people will want it enough to bid on it. Also our bidders are very astute and will be able to discern if something is valuable or not. Reserves represent a departure from honoring the bidders time and their knowledge.

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