What is a reserve price?
A reserve price is the (not visible!) minimum amount set by a seller for a lot and is the lowest price the seller is willing to accept. The highest bidder who meets or exceeds this price wins.
If this price is not reached, you can still have a chance to win. The closer your bid is to the reserve price, the greater your chance of winning the 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 reached or exceeded the reserve price, the lot is sold immediately for that 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 may then choose to sell at that price. It is up to the seller to decide whether to ultimately agree to a lower price. We keep the highest bidder informed of the status within 48 hours after the auction closes (on business days).
By placing a bid, you confirm that you have read and accepted the Terms and Conditions and Usage Conditions. You also confirm that you understand you have a binding obligation to pay if you are the highest bidder.
Why a reserve price?
A reserve price provides more clarity and predictability during bidding. Once the reserve price is reached, you know the lot will be awarded to the highest bidder. This offers more certainty than with assignment lots, where the seller still has to approve the sale. For lots with a reserve price, that approval is only needed if the reserve price has not been met.
What is the difference between no minimum price, minimum price, and assignment?
No reserve price: Guarantees that the lot will be sold to the highest bidder. No minimum bid amount is required.
Reserve price: A minimum bid amount required to guarantee the sale of a lot. If the reserve price is not reached, the seller can approve the highest bid, thereby allowing the sale to proceed.
Assignment: The highest bid must be approved by the seller to proceed with the sale.