reserve option

[billsstamps]

That's what your My Defaults is for, surely.

Many thanks. Still learning, and haven't come across My Defaults yet.

[astral276]

Many thanks. Still learning, and haven't come across My Defaults yet.

Very useful. Plus, you can set one to be the default default - i.e. any new listing you create starts filled with that set of defaults.

[billsstamps]

Very useful. Plus, you can set one to be the default default - i.e. any new listing you create starts filled with that set of defaults.

I can already see what a great tool this is. I have a distinctive house style of table and picture inside my description and I can preload that into the default so I just have to enter the bits that change from one book to another.

[suesjools]

I don't like reserves and won't bid on reserve auctions. I'd prefer to see the auction price up front to know whether or not it's something I can afford without wasting time guessing what the seller wants for the item.

Just my 2 cents.

Best wishes for many sales to all,

[JaBek1]

Technically, all eBid, eBay or any other auction site that requires a minimum opening bid have nothing but reserve auctions. By setting a minimum opening bid, you have effectively set that amount as the "Reserve" or the minimum that the item may be sold for.

While there are good reasons why it is wise to use a reserve for many items, there are also many reasons why a reserve is not a wise choice. Personally, I prefer an "ABSOLUTE" auction where the item will be sold to the highest bidder regardless of price. However, an "ABSOLUTE" auction is prohibited from having a minimum starting bid.

By the way, it should be noted that a "RESERVE" is not the price that a seller wishes to get for an item, but rather the least amount they will take for it. It is the price that below which an auctioneer is not permitted to sell the item. It is the price that below which the seller cannot be forced to sell the item.

[JanetB]

By the way, it should be noted that a "RESERVE" is not the price that a seller wishes to get for an item, but rather the least amount they will take for it. It is the price that below which an auctioneer is not permitted to sell the item. It is the price that below which the seller cannot be forced to sell the item.

So, basically, a waste of time.

If the seller won't part with goods below the Reserve price, what's the point in a starting bid price then?

I personally don't believe in reserve prices. I list my items with the minimum bid price I am comfortable accepting should an item only have 1 bid when sold. I'm even happier when buyers use my BINs to grab a bargain

[papagran40]

Hi Jan , that is what Jabek is saying...your start price .... is technically a reserve .....I wonder , with all the members who say they do not like a reserve ...think about it this way...some say they like to see what they can afford.....this is daft...because obviously , no one would bid more than they can afford...E.G. if you only have £10 to spend , whether you use it at the start price ( £10 ) or start at £1 and bid up to £10....this is as much as you can afford , so you stop bidding....by the way , where I have said ..you ... I mean anyone............hope this helps some members......have fun.....papa.

[JaBek1]

So, basically, a waste of time.

If the seller won't part with goods below the Reserve price, what's the point in a starting bid price then?

I personally don't believe in reserve prices. I list my items with the minimum bid price I am comfortable accepting should an item only have 1 bid when sold. I'm even happier when buyers use my BINs to grab a bargain

The biggest reason to use a low opening bid, but to place a RESERVE on the object, is to draw interest in the item from the audience while still protecting ones self from a lack of interest on the part of bidders. Let's say that you have an article that should, with the right bidders present, bring $100. You list it with a starting bid of $10 to attract as many viewers as possible in hopes that there may be someone interested other than the regular collectors that you anticipate being there because they search out these types of items. However, unbeknown to you, there is an event that the collectors all attend so cannot be at your sale. Without a RESERVE, the item might sell for close to the opening bid and you would be forced to sell for that price. But by putting a RESERVE of say, $60 on the item, you would only have to sell if the bidding reached that amount. Picture the RESERVE as a hedge against a small turnout of interested bidders.

Of course, live auctions can be more prone to small turnouts owing to things like weather, a competing sale, lack of advertising, etc. But the principle is the same in online auctions.

Oh! Actually, a BIN can be considered more of what the seller wants for the item than the RESERVE would be.

[JanetB]

The biggest reason to use a low opening bid, but to place a RESERVE on the object, is to draw interest in the item from the audience while still protecting ones self from a lack of interest on the part of bidders. Let's say that you have an article that should, with the right bidders present, bring $100. You list it with a starting bid of $10 to attract as many viewers as possible in hopes that there may be someone interested other than the regular collectors that you anticipate being there because they search out these types of items. However, unbeknown to you, there is an event that the collectors all attend so cannot be at your sale. Without a RESERVE, the item might sell for close to the opening bid and you would be forced to sell for that price. But by putting a RESERVE of say, $60 on the item, you would only have to sell if the bidding reached that amount. Picture the RESERVE as a hedge against a small turnout of interested bidders.

Of course, live auctions can be more prone to small turnouts owing to things like weather, a competing sale, lack of advertising, etc. But the principle is the same in online auctions.

Oh! Actually, a BIN can be considered more of what the seller wants for the item than the RESERVE would be.

I understand the concept. But, if you put a reserve of $60 on (the minimum you'll accept anyway) then why bother with a start bid? Why not just start the bidding at $60?

If I visited a listing with a start bid of $10 and there is a reserve on it plus a BIN price of ie $59.99 and I have no idea what the reserve is, I would need to contact the seller and ask, and a lot of them won't tell you (go figure). I don't have time for guessing games, so I am prone to move on to another seller.

[JaBek1]

I understand the concept. But, if you put a reserve of $60 on (the minimum you'll accept anyway) then why bother with a start bid? Why not just start the bidding at $60?

If I visited a listing with a start bid of $10 and there is a reserve on it plus a BIN price of ie $59.99 and I have no idea what the reserve is, I would need to contact the seller and ask, and a lot of them won't tell you (go figure). I don't have time for guessing games, so I am prone to move on to another seller.

Ideally there would be no need for a minimum opening bid as knowledgeable bidders would compete and the bidding would find its own level. The RESERVE only comes into play if there isn't enough interest the item among the bidders. Unfortunately, online auctions don't permit the luxury of an auctioneer asking for an opening bid and walking it down until he/she gets one and then walking it up again. In the case of a RESERVE, if it isn't met the seller has the options of selling the item elsewhere, re-listing at a later date when there might be more interest, keeping the item for their own use or any number of other things they might decide to do with it. If it is met the buyer gets a bargain if the bidding doesn't continue too high levels. Even if the bidding runs higher than the seller had hoped the buyer should be happy because they got what they wanted for what they were willing to pay.

By the way, Papa is quite correct. People should never bid more than they can afford. Or more than they think the object is worth, for that matter.

Actually, the starting bid should be the that, a starting point. Of course, it takes more than one bidder to make an auction.

Oh! I almost forgot. The reason for not divulging the amount of the RESERVE is to avoid putting a erroneous value in the mind of bidders. The value will be determined by the highest bid.