Using the Reserve Feature with a Timed Auction
All Timed Sales can and will implement the reserve pricing updates. There is no additional cost or fee to adding reserve pricing to your auctions. All catalogs on the Online Auctioneer plan run automatically as a Timed Sale. Catalogs on the Auctioneer plan, which are opted into running a Timed Sale, will also have reserve pricing updates.
Lots with designated reserves during Timed Sales will not sell unless the reserve price is met. The lot's asking price will continually progress toward the reserve price by increasing the asking price in increments of half the difference between the current bid and the reserve price. As an example, a bidder who places a live bid $500 on a lot with a $1,000 reserve, will be asked to bid $750 on their next bid. Absentee bidders are not progressed to an asking price but are simply alerted that the reserve has not been met. All asking prices influenced by a reserve will land on-increment.
Note: If you are running a Live Sale (sales operated by a live clerk), setting reserve prices will have no effect. There will be no alerts about the reserve price in this case, as it is up to the live clerk to manage the auction and sale.
Important Note: At no point in the bidding process are reserve prices revealed.