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RR Auction "Reserve Prices"

I was tracking down a few items on last week's (Nov 15, 2018) RR Music auction

In particular one item (vintage Who signatures (2X) and other 1960 UK bands

Opening bid $1000

Estimate $15000+ (too much IMO, even with 2 Moon autos)

Last I saw it was at $3300 +/-

Next day, when I was looking at final prices realized, it did not show up on the "sold items"

There were a few other items in the same situation

So does that mean that there is a "Reserve" price (the estimate?) which must be met? seems to me it had a high bid but did not sell, so either consignor high bid it (not allowed by their rules) or the House bought and they do not list those as sold items???

Thoughts/clarification

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Permalink Reply by Bernie on November 21, 2018 at 9:48am

Thanks all, I get it

Since we are using eBay as the "frame of reference", the one positive thing I can see for eBay is that they either acknowledge there is a reserve, and in some cases, seller may state the reserve prices. If item is not listed as "reserve not met", the final high bid wins the item (exceptions do exist when seller "no longer has items", etc, but go with the rule, not the exception)

Also, I have noticed (plenty of times, not just a coincidence) that items with a reserve usually fail to reach a high bid, which is somewhat self defeating, but that reflects how people act when they are aware there is a reserve.

In the case of RR, the "fact of" there being a reserve is NOT known to the bidder. This is the most logical explanation I can make for a large amount of items I have tracked, where I know the last bids, but it does not show up as sold the next day.

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Permalink Reply by Daniel S. on November 21, 2018 at 10:09am

In my vast experience with auction houses, the reserve may or may not be identified. It is probably more common not to indicate that a reserve has been set, acknowledging eBay as a significant exception. When the reserve is not achieved, the lot will be identified as “passed” or “unsold”. In these cases, one can contact the auction house and inquire about the reserve. This presents another opportunity to negotiate with the seller and auction house. In many instances, the auction house will waive their buyers premium because they will still get the consignment premium from the buyer on a lot that would otherwise go unsold.

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Permalink Reply by marc e on November 22, 2018 at 11:29am

at heritage for the music mememoribila they basically use no reserves any more that's why u see such hi starting prices or very low .the first bid will will it.

they changed about 2 to 3 years ago to that selling strategy.

very transparrent

rr u don't know if theres one or not

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Permalink Reply by Steve Cyrkin, Admin on November 22, 2018 at 11:59am

I didn't know that. Thanks, Marc.

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Permalink Reply by marc e on November 22, 2018 at 3:31pm

heritage

for the music poster auction all lots basicly start at 500$ and first bid wins

same with the music collectibles on that day they basicly have a 500$ minium value rule there now.and it just goes .

but like the dave morel beatles white album . oppening bid 100k no reserve first and only bid won it

for the last session of the day on the music auction they have lower end lots that start at 1$ all no reserve and they sell for what ever his the high bid.

also heritages consignment agreement says they retain the rights to sell for the agreed price after as a buy it now wich is usually the starting price for 30 days.

for rr use the estimates as a guide as a possible hidden resrerve

I deal with basically all auction houses except juliens