General items do not have reserves. Exceptions listed below…
Currency auctions (Stamps, Bank notes or Coins)
If lot is for a 50.00 bank note that is currently accepted by the bank we will start the auction at 50.00 this is not a reserve but a STARTING PRICE equal to face value.
Cars, Trucks, Trailers, Etc… The consignor can request a START PRICE (Not a hidden reserve price). We will start these with the reserve but the owner of the item will be required to pay a 10% commission fee on the reserve price even if the item does not sell. So if the reserve start price is set to 1000.00 a 100.00 commission is due even if the item does not sell.
Why do we not place reserves on general merchandise? Simple, we establish a fair market value for the items, we have enough bidders that items reach fair prices market value prices. Starting lots at 5.00 adds early interest in the items and creates some excitement for the bidders, sometimes they get lucky and score an item for a incredible price but that is what an auction is all about! If you put a BUY IT NOW price or a reserve price then you might as well try to sell it on one of the classified ad sites. Our bidders love our no reserve auctions with no buyers premium options and because of this we have a HUGE following. In many cases if the consignor wants a reserve on a great item we will offer to purchase the item instead from the consignor so that we can feature the item in our auction and they do not take any risk. More then 90% of the time the consignor should have put the item in themselves as they would have made more on the item then we paid them for it … but sometimes people want a sure thing.