Reserve Price

The Reserve Price is the "floor" price. It is almost always lower than or equal to the low estimate, never higher.

The Collector's Take

You won't know the reserve price (it's secret), but you can usually guess it's near the low estimate. If you bid the low estimate and the auctioneer says "Selling..." or bangs the hammer, the reserve has been met.

Why It Matters for Collectors

• Selling Strategy: Setting a realistic reserve protects you from selling your art for pennies, but setting it too high risks the work being "bought in" (unsold), which "burns" the work publicly.
• Bidding: Knowing a reserve exists explains why an auctioneer might bid on behalf of the seller up to a certain point (chandelier bidding) to reach that minimum.