Grow more. Sell more. Vacation more.
Let LiveAuctioneers clerk your auctions with reserves.
Growing your sales has never been easier. We’re excited to introduce automated timed auctions with reserve prices on LiveAuctioneers. This technology gives Auction House partners a new opportunity to increase business sales by automating an auction without the need of a live clerk. This product update introducing reserves to timed auction automation saves Auction House partners time and money. This new functionality is offered at no additional cost, and can be used starting now.
With the implementation of this time-saving and money-saving update, auctioneers can:
- Effortlessly host auctions without a live clerk
- Optimize bidder’s behavior through automated bid incrementing towards the reserve price
- Better forecast how auctions will perform, understanding bidders’ absentee-bid interest relative to set reserves
- Grow sales with online-only auctions (even when on summer vacation)
How Do Reserves Affect Bidders?
For all auctions, absentee bidders will be notified if the reserve price has not been met through an alert on the lot page and on their My Bids page.
Live bidders will also be notified of a reserve during timed sales only, which are not clerked by an auctioneer.
If you are running a live sale, LiveAuctioneers will not display any messaging about the reserve price to live bidders, as the clerk is in control of operating the sale and we do not want to interfere with your activity.
If a bid during a live sale is less than the set reserve price, our technology will prompt the bidder to place a higher bid closer to the reserve price. During a live sale clerked by a live auctioneer, the technology system will not prompt a higher bid, and auctioneers are strongly discouraged from engaging in this type of behavior manually.
How to Add Reserve Prices
Easily apply reserve prices to your items during single or batch lot upload.
- For single lot upload, fill in the ‘reserve’ field with a numeric number. Please exclude any currencies or decimal places.
- For batch lot upload, include a column titled ‘Reserve Price.’ As with the other numeric inputs, please keep these inputs to whole numbers like ‘1000’ and exclude commas or periods. A sample sheet can be downloaded here (include link).
Best Practices For Reserve Pricing
- Reserves should not be higher than the low estimate of items. The low estimate should be a reasonable and achievable outcome for the final price of an item.
- Changes to reserves should be made no later than two hours prior to the start of a sale.
- Reserves cannot be changed after the item has already sold.
- Per above, lots cannot be canceled post-sale due to the item(s) not reaching a perceived value. A reserve should be the minimum for which a lot will sell; once the reserve is met, the bidder has met the base requirement for winning the item.
- Similarly, bidders should not be able to cancel a sale if they bid above the reserve and won the item at or above that amount.
- Buyers should always be informed on LiveAuctioneers when there is a reserve on an item. Utilize the reserve price feature to inform bidders that there is a reserve.
- It is not appropriate for an auction house to bid on their own items exceeding the reserve price.
Ready to enjoy more business?
Get more info: Learn more about how to set up your next timed auction with reserve pricing here.
Set up a training: Click here to contact our support team to get a formal training on setting up automated timed auctions with reserves.