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What is a reserve price?

When a seller places a new auction up on WineCommune they are given the option of setting a reserve price.  The reserve price is the price for which the auction lot will not sell less than.  The reserve price is kept secret from all bidders until a bid exceeds the reserve price.  Thus, the seller sets a price which opens the auction which is public knowledge and a reserve bid which must be exceeded for the auction lot to sell.  Auctions with reserve prices which have not been met have "RESERVE PRICE NOT YET MET" listed in the description of the auction lot.

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