posted on May 8, 2001 11:41:54 PM new
Does anyone have an opinion on whether starting an auction with a low minimum bid and a high reserve vs a high minimum bid with no reserve. I mainly sell items over $100. Any advice would be appreciated.
posted on May 9, 2001 02:46:53 AM new
Speaking as a buyer, I am more likely to LOOK at an auction that has a lower starting price. I know some people immediately hit the "back" button if they see a reserve, but a high opening price might discourage people from even looking at it in the first place. I figure the more people who look at an item will translate into more possible bidders.
In your description, you could say, "I have a very modest reserve for a widget of this quality." Make sure your reserve is in line with closed auctions of your widget. Many buyers check those to see what the recent value is, and you probably won't sell if your reserve is too high.
posted on May 9, 2001 07:43:06 AM new
I've sold identical items and on some used a reserve price with a low opening bid and on others used no reserve but a high opening bid. I always had better luck with the reserve price items. There's just something about that high opening bid that seems to repel bidders. JMHO
