Bidding against auctioneers to achieve reserve prices
If you bid at auction for an item that has not reached its reserve price, you could be bidding against the auctioneer.
If you bid at auction for an item that has not reached its reserve price, you could be bidding against the auctioneer. Reserve prices - the minimum prices for which items can be sold at auction - are agreed between auctioneers and sellers beforehand.
‘‘If a seller agrees a reserve price of €8,000 and someone in the room offers €5,000, the auctioneer will bid against them until they get the reserve,” said Ian Whyte, managing...
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