An auction in which the seller has set a minimum price for the item and reserves the right to accept or decline any and all bids. The minimum acceptable price may or may not be disclosed. Also known as an auction subject to confirmation and reserve auction.
The seller reserves the right to accept or reject any and all bids, or to withdraw the lot at any time prior to the announcement of the completion of the sale. See also “reserve price.
Also known as "Reserve Auction" and "Auction Subject to Confirmation". An auction in which the seller reserves the right to establish a reserve price, to accept or decline any and all bids, or to withdraw the property at any time prior to the announcement of the completion of the sale by the Auctioneer.
An auction where the sellers set a minimum price on their vehicles. They do not have to sell their vehicles if bidding fails to reach the reserve price, which may or may not be made public. (Floor price, Low)
An auction at which the seller(s) or his/her representative reserve the right to set the minimum acceptable price for an item. The minimum price may or may not be disclosed. If the last bid is below the minimum acceptable price, the sale of the item is subject to owner confirmation. The seller(s) or his/her representative reserves the right to reject any or all bids below the set price. See also Absolute Auction.
An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.
