What are some real-world examples of reserve prices in auctions?
An example of an AI chatbot conversation about reserve prices in auctions.
What are some real-world examples of reserve prices in auctions?
Reserve prices are minimum prices set by sellers in auctions. For example, in art auctions, a seller might set a reserve price to ensure their artwork sells for a certain amount.
Can you give me a specific example from a recent auction?
Sure! At a recent Sotheby's auction, a painting had a reserve price of $1 million. It sold for $1.5 million, exceeding the reserve.
What happens if the bidding doesn't reach the reserve price?
If the bidding doesn't reach the reserve price, the item remains unsold, and the seller can choose to relist it or negotiate privately.
Are reserve prices common in online auctions?
Yes, reserve prices are common in online auctions as they help sellers protect their interests and ensure a minimum return.
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