We are seeing newer auctions to Proxibid advertise “no reserve” and then post high opening bids, which essentially serve as the reserve, especially when buyer’s premium is added.
Consider this “no-reserve” auction lot, a common Silver Eagle worth $25 dollars at this writing with an opening bid of $28 and an 18% buyer’s fee:
Assuming no one else bids, a bid of $28 with $5 buyer’s fee means the coin costs $33.
For a “No Reserve” auction to live up to its label, the opening bid should be low. Here’s an example of a real unreserved auction by Munda:
We tire of auction houses operating online with “safety” nets protecting them (reserves, high opening bids, both, coupled with auctioneer bidding). It’s a waste of Proxibid technology, which is programmed to give the online bidder the feel of a real auction where lots go for more or less than true value.
Auction houses in the right sidebar understand that, which is why we patronize them.
Proxiblog is an independent entity with no connection to the auction portal Proxibid. Our intent is to uphold basic numismatic standards as established by the American Numismatic Association and the National Auctioneer Association and to ensure a pleasurable bidding experience not only on Proxibid but also on similar portals such as iCollector and AuctionZip.