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<p>[QUOTE=&quot;robp, post: 25250073, member: 96746&quot;]The vendor sets the reserve which can be anything. However, the auctioneer may start at whatever level he feels is appropriate to get some competitive bidding as some reserves are too optimistic to open at that level. Start the bidding too high and you might not get a bid. In the case of the above, it was unsold at $5K opening bid which is a reflection of where the market thinks it was rather than the rose tinted spectacles of the vendor.</p><p><br /></p><p>I don&#039;t know what the rules are on that side of the pond, but in the UK, the reserve can&#039;t be higher than top estimate. So if I want £2K for my £1K coin, the estimate would probably be 1500-2000 and it wouldn&#039;t receive any bids.[/QUOTE]</p><p><br /></p>

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