What is the reserve price?

Jennifer Waterman -

The reserve price is the minimum bid amount required by the consignor or the auctioneer before the item can be sold.  For example:  If the reserve price on an item is $500.00 the bidding must reach that amount before the item is sold  You will receive a message that says "reserve not met" or "reserve met" when you place your bid.  If the reserve is not met it will be at the auctioneer's discretion to pass or sell the lot.  

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