Auction glossary
Reserve price
Also known as · Reserve
- Definition
- The confidential minimum price agreed between the consignor and the auction house, below which a lot will not be sold. If bidding does not reach the reserve, the lot is unsold (bought in).
The reserve protects the consignor against selling below an acceptable price. It is usually kept confidential and, by common practice, does not exceed the low estimate. Where the law and the conditions of sale allow it, the auctioneer may bid on the consignor's behalf up to the reserve.
In Selloff, the reserve is recorded on the lot and shown in the bids overview and on the offer review screen, so staff can see at a glance which lots are below reserve.
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