What is a reserve price?
A reserve price is the (non-visible!) minimum amount that a seller has set for a lot and is the lowest price for which the seller is willing to sell. The highest bidder who meets or exceeds this price wins.
If this price is not met, you can still have a chance to win. The closer your bid is to the reserve price, the greater your chance of winning this lot.
The lot is awarded to the highest bidder whose bid is equal to - or higher than - the reserve price at the end of the auction. If the highest bid has met the reserve price or more, the lot is sold immediately for this price.
For example, if the reserve price of a lot is €15,000 and the highest bid is €14,500, the lot is not automatically sold to the highest bidder. The seller can then choose to sell at that price. It is up to the seller to decide whether or not to ultimately agree to a lower price. We will keep the highest bidder updated on the status within 48 hours of the auction closing.
By placing your bid, you confirm that you have read and accepted the Terms and Conditions and Terms of Use. You also confirm that you understand that you have a binding obligation to pay if you are the highest bidder.
Why a reserve price?
Transparency: A reserve price creates transparency and clarifies expectations by removing price uncertainty from the bidding process.
Fairness: Reserve prices reduce the unfairness of bidding strategies where a bidder places the highest bid at the last minute to outbid others and win a lot.
Predictability: Reserve prices provide a predictable outcome because you know that an item will be awarded when the reserve price is reached (compared to the uncertainty of award lots, where the seller must first approve the sale).
What is the difference between no reserve, reserve price and allocation?
No reserve: Guarantees that the lot will be sold to the highest bidder. There is no minimum bid amount required.
Reserve Price: A minimum amount required to guarantee the sale of a lot.
Allocation: The highest bid must be approved by the seller for the sale to proceed.