The E-Sylum:  Volume 5, Number 19, May 5, 2002, Article 11

EUROPEAN AUCTION BIDDING CONVENTIONS

  In response to the question about minimum bids in European
  auction sales, Bob Knepper writes: "Having a minimum bid is
  common in auctions.  Sometimes the minimum is 80% of the
  estimate and sometimes it is the estimate.  A European coin
  auction in my hand says "No bids will be considered below
  the printed estimates stated in the catalog.  The estimates will
  be the opening bids."  Thus the "auction" is, in part, just a
  sales catalog.  A significant number of offerings do not sell.

  eBay on the Internet is even more confusing.  The seller can
  (many do not) specify a non-disclosed "reserve" which is
  above the specified minimum bid.  Thus you can make a bid
  which goes into the system with you and your bid listed as
  "high bidder" but the system also responds with "Reserve not
  yet met".  One seller had the nerve to say "No minimum bid"
  - but he/she had a high reserve.

  Wayne Homren, Editor

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