Reserves
An auction reserve is the minimum price a seller is willing to accept for an item being auctioned. If bidding does not reach or exceed this reserve price, the item will not be sold.
There are two main types of auction reserves:
- Reserve Price (Hidden): The reserve amount is not disclosed to bidders. They must bid without knowing the minimum price required for the item to sell.
- Public Reserve: The reserve price is disclosed, allowing bidders to know the minimum threshold needed for the item to sell.
The use of a reserve helps protect the seller from selling an item for less than its desired value while still allowing competitive bidding. However, auctions with a reserve may discourage some bidders who prefer absolute auctions (where all items sell regardless of price).
Adding Reserves to Lots
In Auction Flex, reserves are set on a per-lot basis. If you are importing lots, you can include a column specifically for reserve prices in your import file. Additionally, the reserve field is available when cataloging lots, both in Fast Entry and Detailed Entry modes.
Reserve Settings for HiBid
The Reserve Settings for HiBid can be found under Upload Auction to HiBid, within the Bidding tab, under Bid Options.
If you check the box to Show Bidding Reserve Status, HiBid will indicate whether the reserve has been met. However, the actual reserve amount will not be displayed to the public.
HiBid View
MyHiBid / Lot Stats View
