How do auction houses set reserves?
An example of an AI chatbot conversation about how auction houses determine reserve prices.
How do auction houses set reserves for their items?
Auction houses typically set reserves based on the estimated value of the item, market demand, and seller expectations.
What factors influence the estimated value of an item?
Factors include the item's rarity, condition, provenance, and recent sales of similar items.
Can a seller influence the reserve price?
Yes, sellers can suggest a reserve price, but the auction house will consider market conditions and their expertise.
What happens if the reserve price is not met during the auction?
If the reserve price is not met, the item may not be sold, and the seller can choose to take it back or relist it.
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