Do you tell bidders what your reserve price is?

holeinone1972 · December 30, 2008 6:13AM

I have an ebay auction and I have a bidder, or potential bidder who has asked me what my reserve is for this coin?

What is your opinion, tell them? Or do not not them?

Just wondering why someone would ask. Does it really matter what the reserve is?

Rob

MadMarty · December 30, 2008 6:15AM

If they ask, yes.

Wolf359 · December 30, 2008 6:15AM

I think undisclosed reserve prices lead to lower bids. Do you really want people to play guessing games?

mrpotatoheadd · December 30, 2008 6:17AM

<< What is your opinion, tell them? Or do not not them? >>

I'd tell them.

<< Just wondering why someone would ask. >>

Some bidders don't want to waste their time bidding on an item with a reserve higher than they're willing to pay. They'd prefer to waste their time asking what the reserve is instead.

edited to add...

<< I think undisclosed reserve prices lead to lower bids. Do you really want people to play guessing games? >>

A reserve auction is no more a guessing game than a non-reserve auction which already has a bid.

lkeigwin · December 30, 2008 6:21AM

Yes. I don't see what the big secret is. If you have a reserve it is your lowest selling price and that is useful information to buyers.

Sure, I suppose you could argue some guys will give up and not bid if they can't reach the reserve. And lost bids might slow down interest and affect the final selling price. OTOH, if the reserve price is causing guys to not bid then it is probably out of line anyway.

When I use a reserve I cite it up front, in the auction.

seanq · December 30, 2008 6:22AM

Sure, what's the harm? The few times I've used a reserve auction I've even put the reserve in the description. I figure if someone wants to set a snipe, let them know they've got a chance to actually win the coin when they bid.

Sean Reynolds

pitboss · December 30, 2008 6:32AM

I will not waste my time with a reserve auction unless the seller lists his reserve so everyone can see it and just what is the point in that. I feel a reserve auction is just a waste of effort. Just have a starting bid and get it over with.

Russ · December 30, 2008 6:39AM

On those rare occasions when I use a reserve, I post it right in the auction description.

Russ, NCNE

mrpotatoheadd · December 30, 2008 6:50AM

<< I feel a reserve auction is just a waste of effort. >>

A reserve auction is no different than a non-reserve auction with a bid already enterted.

Scenario 1: Reserve auction, opening bid of $10, hidden $100 reserve.
Scenario 2: Non-reserve auction, current bid of $10, hidden $100 proxy bid.

In both scenarios, you need to bid over $100 in order to win, and in neither scenario do you have any way of knowing that before you bid.

clackamas · December 30, 2008 6:54AM

I do if asked, no sense in wasting everyones time.

PerryHall · December 30, 2008 6:56AM

Why would a seller NOT tell what the reserve is if asked?

GrumpyEd · December 30, 2008 7:09AM

I agree with everyone saying to tell them or post it in the listing.

Most bidders avoid hidden reserve auctions. If anything don't use reserves at all, in the end you get more bidders.

lope208 · December 30, 2008 7:14AM

I don't understand a reserve price. Personally, as someone who has purchased more on eBay than I've sold,
I avoid them if they say "reserve not yet met".

If you won't sell it below a certain price, than just set the starting price at your reserve price and be done with it.

19Lyds · December 30, 2008 7:17AM

If I don;t mention it in the auction I'll divulge it when they ask.

I really dislike eBay sellers who do not share their reserve claiming it gives me an "unfair" advantage?

How could that possibly be an unfair advantage?

razzle · December 30, 2008 7:18AM

As a buyer, I routinely ask if it's not given. I want to know if the seller is in a realistic ballpark and/or that it fits with my budget.

PonyExpress8 · December 30, 2008 7:27AM

I don't normally state a reserve in the auction but I do answer requests for it if asked. Anyone who asks is at least considering the coin, so why not. I have no problem being up front about it.

Same thing with BIN's and best offers if I choose to accept offers. If someone makes an offer and we are not that far apart from my minimum, why not let then know what you will accept. The goal is for a transaction to take place that makes both parties happy.

With the combined Ebay and Paypal fees nowdays though approaching 10% a seller is lucky to match the same amount Ebay grabs from you.

Glenn

coinnut · December 30, 2008 7:29AM

I hate auctions with a hidden reserve. Why hide it? Why not just start the bidding at that amount?

Coins101 · December 30, 2008 7:45AM

<< On those rare occasions when I use a reserve, I post it right in the auction description.

Russ, NCNE >>

I thought they (eBay) would nuke you if you did that.

commoncents123 · December 30, 2008 8:37AM

<< I will not waste my time with a reserve auction unless the seller lists his reserve so everyone can see it and just what is the point in that. I feel a reserve auction is just a waste of effort. Just have a starting bid and get it over with. >>

my thoughts exactly...I don't bid in reserve auctions

Tiny · December 30, 2008 9:03AM

Reserve Auctions SUCK!! I don't bid on them or look at them if I see a reserve not met yet.

I could never understand why the heck put a reserve on an item when eBay chares extra
for a reserve price auction. If you just start it at the price you want the reserve at it may
have a cheaper insertion fee. Not many people list the reserve amount in the auction but
Good For You when you do. Why waste a person's time with palcing bids.

Russ · December 30, 2008 9:05AM

<< 

<< On those rare occasions when I use a reserve, I post it right in the auction description.

Russ, NCNE >>

I thought they (eBay) would nuke you if you did that. >>

Why would they do that?

Russ, NCNE

CB2597 · December 30, 2008 9:18AM

Sure why not. I would like to know myself if i was the bidder and i am really interested in the coin.

holeinone1972 · December 30, 2008 9:26AM

OK Thanks. Answered question, and posted answer to the auction.

19Lyds · December 30, 2008 9:36AM

<< 

<< 

<< On those rare occasions when I use a reserve, I post it right in the auction description.

Russ, NCNE >>

I thought they (eBay) would nuke you if you did that. >>

Why would they do that?

Russ, NCNE >>

Who knows why eBay does some of the stupid stuff they do?

thisnamztaken · December 30, 2008 9:45AM

I do, if they ask me.

On the other hand, at least once in the past when I've asked a seller if he would mind saying what his reserve was, he not only responded with "It would not be 'fair' to the other bidders to tell you" but then he even posted my question and his response in the listing for all to read!

I guess it never occured to him to just tell me and then also post that reply/reserve amount in his listing to make it "fair" to the others?

Mercury10c · December 30, 2008 9:47AM

I rarely use reserves, but when buying an item with a reserve, I always ask, and usually get an answer.

relicsncoins · December 30, 2008 10:04AM

Take good photos and if the coin merrits the grade, start it at 99 cents and let the chips fall where they may. Afterall, that's what an auction is all about. If you're just looking to sell it at a specifice price, then list it as a buy it now. That's my philosophy anyway. I personally don't even bother to look at reserve price auctions.

DorkGirl · December 30, 2008 10:15AM

<< Take good photos and if the coin merrits the grade, start it at 99 cents and let the chips fall where they may. Afterall, that's what an auction is all about. If you're just looking to sell it at a specifice price, then list it as a buy it now. That's my philosophy anyway. I personally don't even bother to look at reserve price auctions. >>

Yep, me too.

tmcsr69 · December 30, 2008 10:19AM

<< Sure, what's the harm? The few times I've used a reserve auction I've even put the reserve in the description. I figure if someone wants to set a snipe, let them know they've got a chance to actually win the coin when they bid.
>>

I agree-there is no valid reason for keeping this info a secret.

commoncents123 · December 30, 2008 11:07AM

<< Take good photos and if the coin merrits the grade, start it at 99 cents and let the chips fall where they may. Afterall, that's what an auction is all about. If you're just looking to sell it at a specifice price, then list it as a buy it now. That's my philosophy anyway. I personally don't even bother to look at reserve price auctions. >>

Yea. I do buy-it-now only these days. Unless it's something that just burning a hole in my pocket

PaleElf · December 30, 2008 11:42AM

I don't bother with reserve auctions. Start the auction at your reserve price.

Coins101 · December 30, 2008 12:56PM

<< 

<< 

<< On those rare occasions when I use a reserve, I post it right in the auction description.

Russ, NCNE >>

I thought they (eBay) would nuke you if you did that. >>

Why would they do that?

Russ, NCNE >>

My mistake:

"eBay will never reveal your reserve price to potential bidders. But sellers often receive inquiries from bidders about the reserve price. This is allowed on eBay. Likewise, revealing your reserve to a bidder is allowed, but not required. If you don’t want to reveal your reserve price, you can politely let the bidder know that they can bid what they like and if the bidding meets the reserve price the item will be sold."

seanq · December 30, 2008 4:40PM

<< 

<< 

<< 

<< On those rare occasions when I use a reserve, I post it right in the auction description.

Russ, NCNE >>

I thought they (eBay) would nuke you if you did that. >>

Why would they do that?

Russ, NCNE >>

My mistake:

"eBay will never reveal your reserve price to potential bidders. But sellers often receive inquiries from bidders about the reserve price. This is allowed on eBay. Likewise, revealing your reserve to a bidder is allowed, but not required. If you don’t want to reveal your reserve price, you can politely let the bidder know that they can bid what they like and if the bidding meets the reserve price the item will be sold." >>

I think you're confusing the reserve price with a published value from a source like Coin Values or Numismedia. The former is allowed while in most cases the latter is against the rules.

Sean Reynolds

lordmarcovan · December 30, 2008 4:44PM

I haven't used a reserve in years, but when I did, I usually disclosed it, yes. It's not a state secret.

BigMoneyLewis · December 30, 2008 8:44PM

I will attempt to help those of you who dislike reserve auctions , to understand what they are,
and why they are there. Think of a reserve as a sort of "insurance policy" for the selller .
It keeps a PCGS MS65 1928 Peace dollar from selling for a mere $ 126 . DO NOT assume
the general public will always bid a particular item to "fair market value" . The reserve is the sellers "safety net"
if conditions, for whatever reason, do not produce fair bids . Auctions are unpredictable .
I don't sell on e-bay anymore , but I used to . I am in the business of restoring and selling
vintage muscle car radios from the 60's-early 70's era.
For example , one of my fully restored AM radios for a 1969 Dodge Charger generally would sell on e-bay
for $ 225 on average. BUT, I have sold one as high as $ 510 , and as low as $ 85 for the exact same radio, restored to the exact same specs. That's how auctions are . A seller is totally at the mercy of chance an circumstance if no reserve is in place.

Now that we have established why sellers use reserves, lets address the next issue.
Many people ask, "why not just start your auction at the minimum you are willing to sell the item for ?"
Well, that sounds good in theory , but, people are strange critters . People generally do not like to start
bidding even at a medium price. A low starting bid (with a reserve) generates bid activity .
Anybody who has EVER been to a real live auction has no doubt seen this first hand.
For example , if some antique vase comes up for bid , and lets say it's worth $ 2,000 - $ 2,500, the auctioneer
may say , let's start the bidding at $ 2,000, do I hear $ 1,800 ? Everyone in the room generally will sit there.
The auctioneer may have to go all the way down to $ 100 before anyone begins to bid . Then kapow !
It's a bidding frenzy and it hammers out at $ 2,950 .
Every auction I have ever been to in person or seen on TV plays out this exact same way.
People do not like to bid high to start with . It's human nature.

Lewis

RBinTex · December 30, 2008 10:43PM

If they ask, ABSOLUTELY! Why would you NOT want to give them as much info as possible to increase the odds it sells?

Like Sean & Russ said, best to include it right in the listing.

TwoSides2aCoin · December 30, 2008 11:05PM

I wouldn't auction it with a reserve, unless it was for someone else willing to pay the fees to have me list it that way. It's an auction. Tell me the starting bid already.

garsmith · December 30, 2008 11:43PM

<< If they ask, yes. >>

WinPitcher · December 31, 2008 12:01AM

Yes.

Steve

Do you tell bidders what your reserve price is?

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