Understanding Reserve Price
A reserve price is the minimum amount a seller is willing to accept for an item. In a SWAPD auction, if the bidding does not reach this reserve price, the item will not be sold. Sellers have the option to include a reserve price when listing an item, but unless explicitly stated in the listing, the reserve price remains unknown to bidders. You’ll only discover the reserve price if your bid meets or exceeds it. Bids below the reserve price will prompt a “Reserve not met” message, indicating that even as the highest bidder, the item will not be yours if the auction ends.
Answers to Common Questions
Why can’t I see the reserve price in the auction?
Reserve prices are not publicly disclosed. If the seller hasn’t specified the minimum price in the auction description, bidders must increase their offers incrementally until the reserve price is met.
Can I adjust the reserve price as a seller during the auction?
No, alterations to the reserve price are not permitted once the auction is live. As a seller, it’s crucial to set a definitive minimum selling price beforehand, as changing the reserve price during the auction is prohibited.
What happens if I am the highest bidder but don’t meet the reserve price when the auction closes?
In such a case, you will not win the item. The reserve price serves as a protective measure for sellers, ensuring that the item or service does not sell below their anticipated value. However, you can approach the seller post-auction to inquire if they are willing to sell at your final bid amount.
Is it acceptable to ask sellers about their reserve price?
Yes, you can inquire about the reserve price with sellers, but they are not obliged to disclose it. Also, be aware that SWAPD staff are neither privy to nor will disclose reserve prices.