Highest bidder but reserve not met. Requested the reserve price but was refused

[julie110454]

I bid for an item. I was the highest bidder on both occasions but the reserve wasn’t met. So I asked what the reserve price was and the seller refused to give this.

[tobiasd4]

A bit silly of seller not to tell you reserve amount, but they don't have to.

They pay every time item listed with reserve. 

Minimum reserve is £50.

[papso22]

Do you have a question?

The seller has done nothing wrong, but seems a little naive. 

[tressygirl]

Very silly for them not to release the reserve price.  I  never did understand the reason why some do this.

Nothing you can do, you bid the highest price you wish to pay, nothing more you can do if the reserve is not met , and the seller refuses to reveal that amount.

@julie110454 

[julie110454]

I was hoping somewhere they had to give the reserve price!
Cannot understand why they don’t put the reserve price as the starting price. At least you would know whether to bid or not.
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[julie110454]

Ahh ok. Thanks. I was hoping somewhere they had to give the reserve price!
Cannot understand why they don’t put the reserve price as the starting price. At least you would know whether to bid or not.
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[red_magpie]

Cannot understand why they don’t put the reserve price as the starting price.

Because for some items, like antiques or collectables, there is no "benchmark value" price and the value is entirely what price bidders are willing to pay. What gives bidders the confidence to bid is to see that other bidders are bidding. Setting a low, unpublished reserve, can encourage bidders to bid and compete with each other, making the item appear "hot" and driving the price up. With luck (for the seller) bids will rise to and above the reserve price.

By contrast, if the seller simply starts the auction at a higher price, many bidders may not be confident enough of the item's value to open the bidding so high.

It's all about auction psychology, which is why so many "real" auctions have a reserve price.  But it's only for items with no clear benchmark value, and for which a bit of mystery may encourage bids!

[julie110454]

Many thanks for the explanation. Regards.

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