How do you feel about Reserve Prices on auctions?

bsshog40

Not sure if this has been asked before, but I just hate it when I see something on ebay, go to look at the bid, and it says "Reserve not met". I don't understand why people just don't start the bidding off at the lowest amount they will take instead of having a Hidden Reserve price. I just move along and forget the auction.

OPA

I avoid all reserve price auctions in coins or for bullion.

Walkerfan

I don't mind them, as long as they are reasonable.

I prefer auctions that start very low, as you can sometimes get good deals that way, but if it's a nice coin the market price will usually be pretty strong, anyway. .

Azurescens

I start auctions at a reasonable minimum. I don't want to let people down with reserve not met. One auction for something like an unc 56d 25c didn't meet its 50 bucks.. those things are a dime a dozen what a waste of everyone's time.

topstuf

When I had the shop and sold ...some... stuff on eBay, I used reserve.
It ..WAS... the lowest I would take.

Problem is when buyers want stuff SO cheap they get miffed at even bargain prices.

A month or so ago, I made an offer on a "Best offer" coin and it was dirt cheap.
HOWEVER, the seller effusively thanked me and accepted the offer as he was tired of 15-40 dollar "offers" on a $300 crown.

bsshog40

I would rather see the "Starting Bid" be the lowest price instead of a "Hidden Reserve Price" as you have no clue what a seller is expecting from his auction.

BillJones

I look at what I think the item is worth and go from there. I'm not a big fan of reserves, and I would prefer it if they simply put up minimum bid and went from there. The theory is that if you put out a “flypaper bid,” that won’t be accepted, you will draw more interest to the lot and therefore end up with higher bids or at least some bids.

Obviously is the minimum is set too high, the lot won’t sell. This is especially true if the excessive bid is stated up front. If it pops up later then perhaps the “flies” will have been lured into the competition.

Heritage runs a system when the minimum bids are posted a few days before the auction. That seems like a fairer system than one when the reserves are not published until they are met.

Having been burned on a couple of auctions were I didn't set a reserve, I can understand the consigner's frustration.

RogerB

Bid what the coin is worth to you based on the total price you must pay. The rest is 'noise.'

Jimnight

Speaking for myself...when I see " Reserve not met " I move on.

IrishMikey

Not a fan. But I know that there are many tricks to selling on eBay (or any other auction site), so I guess it is up to the seller how a given lot is listed.

topstuf

@bsshog40 said:
I would rather see the "Starting Bid" be the lowest price instead of a "Hidden Reserve Price" as you have no clue what a seller is expecting from his auction.

Right. Now I remember. That is how I did it.

Cameonut

I am not a fan of reserves, but I can understand that a seller may want to protect their interests. Of course, the reserve has to be reasonable.

keets

blitzdude

Yup, If I see reserve I just keep moving right along. Not really a true auction in my opinion if the seller sets a reserve. Seller would be better off setting high buy it now price with best offer option. Pretty much the same thing.

stevek

I agree, start the auction at a minimum price if ya don't wish to possibly get lowballed on a sale.

An auction with a reserve is a total waste of my time and I simply move on to some other auction whenever I see that.

BAJJERFAN

@bsshog40 said:
I would rather see the "Starting Bid" be the lowest price instead of a "Hidden Reserve Price" as you have no clue what a seller is expecting from his auction.

I have yet to have a seller not disclose a reserve when asked.

BAJJERFAN

@bsshog40 said:
I would rather see the "Starting Bid" be the lowest price instead of a "Hidden Reserve Price" as you have no clue what a seller is expecting from his auction.

I have yet to have a seller not disclose a reserve when asked.

bsshog40

@BAJJERFAN said:

@bsshog40 said:
I would rather see the "Starting Bid" be the lowest price instead of a "Hidden Reserve Price" as you have no clue what a seller is expecting from his auction.

I have yet to have a seller not disclose a reserve when asked.

Ya maybe, but I don't feel like sending an email and then hoping for a response. If a seller will give the reserve in an email, why not just give a reserve starting bid? Seems a lot easier to me.

BAJJERFAN

@bsshog40 said:

@BAJJERFAN said:

@bsshog40 said:
I would rather see the "Starting Bid" be the lowest price instead of a "Hidden Reserve Price" as you have no clue what a seller is expecting from his auction.

I have yet to have a seller not disclose a reserve when asked.

Ya maybe, but I don't feel like sending an email and then hoping for a response. If a seller will give the reserve in an email, why not just give a reserve starting bid? Seems a lot easier to me.

I agree, but for some reason they don't. MANY moons ago if I sold with a reserve, I put the reserve amount in the description. Generally I shun reserve auctions unless I feel that a coin is exceptional and worth the reserve price.

I guess one could do a little project and ask 10 sellers why they use reserves and post their response/s here. Maybe their reason/s make sense; maybe not.

coinkat

Depends on the coin and how thinly traded it is. Some coins don't need reserves based on the number of collectors chasing them.

3keepSECRETif2rDEAD

@BAJJERFAN said:
I guess one could do a little project and ask 10 sellers why they use reserves and post their response/s here. Maybe their reason/s make sense; maybe not.

...this would be good if the subjects weren’t coin/bullion/jewlrey hawkers on eBay...the above sample may reflect a margin of error similar to a survey conducted inside of state prison...you know, where 90% of convicts are innocent...a hidden reserve seems greasy to me, and that’s all I need to stay away

Wabbit2313

Besides, most are using reserves anyway. They are called Shill's.

jafo50

Another problem with reserves is that a bidder that really wants the item loses it because the reserve never gets met. I either put a reasonable starting price on my item or I do a BIN and accept offers. Plus, I personally never bid on an item where the reserve is not met.

mustangmanbob

The entire Victoria's Secret Angels group have a total wardrobe malfunction on a MUST WATCH National Live TV Program at the same time all sniper sites are hit with WannaCry Ransomware and go down, at the same time my auction are ending.

I sell a lot of stuff on ebay, and some of it has no reference point or "grey sheet" or whatever. Nothing in sold history or WAY to variance (one sells for $50, identical sells for $800. ) This the items are so thin, a reserve entails I will not take the proverbial bath.

I have one item today (totally unfamiliar with) that I figured in the $25 range (cost me $3) and the exact same thins is listed for $400 on ebay, but no sales. This will take a little for time to research. It is a 1 and done, as I only have 1 to sell, and no vision of ever seeing another one.

BAJJERFAN

@3keepSECRETif2rDEAD said:

@BAJJERFAN said:
I guess one could do a little project and ask 10 sellers why they use reserves and post their response/s here. Maybe their reason/s make sense; maybe not.

...this would be good if the subjects weren’t coin/bullion/jewlrey hawkers on eBay...the above sample may reflect a margin of error similar to a survey conducted inside of state prison...you know, where 90% of convicts are innocent...a hidden reserve seems greasy to me, and that’s all I need to stay away

To answer the OP question, I don't much care for reserves but I'll tolerate them if/when necessary. Then again as for coins with high starting bids I tend to ignore those too. As for why sellers use them, the best thing is to ask the sellers themselves.

MasonG

A reserve auction is not really any different than a non-reserve auction that has a bid. In neither case, do you have any idea how high you'd have to bid to win.

BryceM

I don’t mind reserves, but hidden reserves are a waste of my time. No time for games.

rln_14

I have not bought a coin through an auction in a long time, but I avoided those with reserves..thanks rln

coinpalice

most reserve auctions I've seen have a retail price reserve met price. I myself have never done one and would not spend the extra 2 or 3 dollars to do one

amwldcoin

LOL! I don't use reserves! I put them up for what I need to sell for. Everytime I have used the low start no reserve on ebay I have been burnt hard! If you don't do the cheap start all the time on ebay they don't give you the exposure you need to take the risk! Give away $20-30,000 and stay at it and then you might see a positive revenue stream.

Paradisefound

I never once won an item with "reserve not met" and at times I did bid liberally. I rather participate on BIN with BIDDING option then at least I see how seller value the listed coin.

dcarr

The term "reserve auction" is self-contradictory.

An "auction" is, by definition, a no-reserve affair - otherwise it isn't really an auction.

Zoins

@Paradisefound said:
I never once won an item with "reserve not met" and at times I did bid liberally. I rather participate on BIN with BIDDING option then at least I see how seller value the listed coin.

I've won "reserve not met" auctions a few times via a "second chance" offer. When it's happened, I'm generally offered the price I bid even if it didn't reach the reserve.

Azurescens

I generally hit delete and put the seller on my gray list.

DollarAfterDollar

If reasonable, I understand.

Namvet69

The item belongs to the seller until it's sold. A reserve value is the subjective opinion of the seller. Peace Roy

topstuf

@Wabbit2313 said:
Besides, most are using reserves anyway. They are called Shill's.

Way to throw honest water on a thread, man.

REALGATOR

The worst is the "no reserve" $1 start but no one ever wins due to shill bids. There are several California auction companies that engage in this nonsense. The coins "sell", I mean shill, for high prices and then just get relisted the next week.
So lame.

BAJJERFAN

@REALGATOR said:
The worst is the $1 start but no one ever wins due to shill bids. There are several California auction companies that engage in this nonsense.
So lame.

So there's no such thing as Ye Shill Overcome?

BillJones

I just made a successful counter offer on a sale after the auction when the item did not sell. It was a very crude political piece that only a specialist could love. My offer was quite a bit below the reserve, but they still took it. The piece is way ugly, but it actually looks better than one pictured in DeWitt / Sullivan.

This is a Winfield Scott piece, WS 1852-4. Scott was the last Whig Party candidate for president. He had a big ego and was known as "old fuss and feathers" because he was so much into military pomp. He would have probably been a better president than his opponent, Franklin Pierce, who rated near the bottom in most historical polls.

Note that the person who probably made and issued this piece even had trouble putting the hole in it. The first was too high, and he saw the mistake before he totally penetrated the piece.

specialist

While reserves can make a sale look like a fixed price list, I learned long ago they are at the very least honest.

You should always simply figure what you want to pay and just go w/that. I can't tell you how many times I hit a reserve thinking I'd buy the coin only to be seriously out gunned. Of course there is the flip side, a coin does not meet reserve, you cut a better deal later.

Bad thinking to pass up trying to buy a good coin because of a reserve.

ricko

I would prefer the seller just start the auction at their minimum....I used to see a lot of hidden reserves when I was buying marbles on ebay.... ticked me off....wasted time and after a while I just would not bid on them. Cheers, RickO

2ndCharter

_ don’t mind reserves, but hidden reserves are a waste of my time. No time for games._

Exactly - I don't have a problem with reserves as long as you tell me what the reserve is up front - like Heritage or StacksBowers - so I can pass or play. Since I very rarely find anything worth going after on FleaBag, I don't have to worry about their stupid games.