Is no reserve really the truth?

Dtwomey, you've been mistaken, I checked out that auction of Wadia 850 and the opening bid was $1.00 So far, there were many bidders and the price is up to $2930. Therefore ,the minimum now is $2960. If you were the first person to place a bid, you could have placed it at $1.00. I hope my explaination is of help to you.

I erred. This auction did start at $1. Please excuse my ignorance of the various practices and procedures involved in an auction.

Interesting timing on this question, because I have just had an experience here on Audiogon that made me inquire (to the Audiogon staff) if a seller could post a reserve price AFTER the auction began. I bid on a TEAC mini-system and the auction page stated that I was the high bidder (admittedly at a very low price). There was no reserve price posted, and I have the printout of the page to prove my point. A day later, when I checked the progress of the auction, there was a reserve price posted that had not been met. I sent an E-mail to Audiogon for a clarification, and they said that there was NO WAY that could happen, since sellers are not allowed to post a reserve price once an auction begins. However, the E-mail I received from Audigon DID say there was a chance of a glitch in the software. Hmmm, now that leaves me feeling really reassured! I guess the main point here is that one must study the terms of selling by auction, and exercise some caution even on Audiogon.

Interesting observation, sdcampbell, as I am confident that happened to me at least once before. Unfortunately, I didn't keep a copy of the Web page, so am unable to substantiate it. As it turned out, lucky for me someone else won the auction in question because the dealer that placed it turned out to be a jerk whom, based on our correspedance, would not have appreciated my business. Thanks for the heads up; I'll be watching more closely. As for reserves, minimums, etc. my belief is they should all be disclosed. Like agendas they serve no good purpose when hidden except to deceive.

Hi, Fpeel: I share your thoughts. The reserve price method is a ploy, in my opinion. If one is not going to accept a bid below a certain point, then establish that point as the opening bid requirement. You may not get a lot of the early bidders, but you also eliminate the "looky lou's". With regard to the "bait and switch" technique I think I experienced with the reserve price suddenly appearing after I was declared high bidder, I'd be very interested to see Audiogon respond the points in this thread.