You didn't set a reserve price.
You had a start price of £50 and it was an auction.
You may have set a 'buy it now' price of £199 but that is not a reserve and the buy it now option becomes unavailable as soon as somebody bids.
"There are two ways to be fooled. One is to believe what isn't true; the other is to refuse to believe what is true.”
Søren Kierkegaard, Danish philosopher (1813 - 1855)
