Reserve vs no-reserve

The reserve is the confidential minimum a seller will accept. In a reserve auction, the property only sells if bidding meets or beats that hidden figure — protecting the seller while still letting the market set the final price above it.

A no-reserve (absolute) auction has no floor: the highest bid wins, whatever it is. That signals genuine commitment and often draws more bidders and stronger early momentum, but the seller accepts the market's verdict in full.

• Reserve: safest for the seller; may end unsold if the floor isn't met.
• No-reserve: maximum buyer confidence and turnout; no safety net.
• Buyers can see which type a lot is before bidding.

General information, not legal advice.