Share reserve price Post the Definition of reserve price to Facebook Share the Definition of reserve price on Twitter. Time Traveler for reserve price The first known use of reserve price was in See more words from the same year. Style: MLA. English Language Learners Definition of reserve price. Legal Definition of reserve price. Get Word of the Day daily email! Test Your Vocabulary.
Test your vocabulary with our question quiz! Each property will be offered in the auction subject to a reserve price. This is a confidential figure, set between the seller and the auctioneer, and it is the figure that bidding must reach before the auctioneer can sell the property in the room. Auction House.
Book your free valuation. What is a reserve? Use TAB key to navigate results. Are you a seller looking to add a reserve price to your listing? Read our article on adding a reserve price to listings.
Top Takeaway If you see "Reserve not met" after placing a bid, you won't win the item, even if you're the highest bidder at the end of the auction. Was this article helpful for you? It is therefore advisable to look carefully at the general terms and conditions of sale when signing the contract to avoid any unpleasant surprises. While the reserve price is a useful mechanism, it remains binding and can act as a barrier to sale. Its establishment is therefore subject to negotiation with the auction house.
It is useful in this respect to bear in mind the following few criteria. Firstly, the reserve price depends on the importance you attach to the sale. So, if you want the item to be sold, you should not set a reserve price or set a relatively low one. The lower the reserve price, the better the chances of selling. On the contrary, if you attach particular importance to the result of the sale, even if you do not sell the item if the bids are low, you should make the reserve price a condition sine qua none of the sale.
Indeed, auctions fluctuate according to economic conditions and art market trends. It may therefore happen that an object, despite its historical and artistic interest, is not in great demand. This lack of market interest can be detected by looking at recent sales of equivalent objects. In this case, a reasonable reserve price should be set, in accordance with the current economic situation. Indeed, if your clock, to use our previous example, has many lacks, restorations or accidents, it is wise not to ask for a reserve price that is too high.
These defects devalue your object on the market, and in themselves complicate the sale. Finally, the reserve price is subject to change until the sale, depending on elements that appear after the fact.
The Auctioneer may therefore contact you shortly before the sale to suggest a change to the reserve price.
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