[geeks] Bah, humbug

[Geoff Reed]

Quoting Charles Shannon Hendrix <shannon at widomaker.com>:

> Mon, 02 Apr 2007 @ 11:07 -0700, Geoff Reed said:
> 
> > what people are referring to as a "secret reserve" is the reserve
> > option.  it is secret in the fact that until the reserve is met it is
> > not shown to anyone but the auction creator.
> 
> Oh good grief... I thought they were talking about something truly
> serious, like the bidder not knowing the reserve existed at all.
> 
> That *IS* happening on some antique auctions, and has people pretty
> angry.
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 the ebay "secret reserve" controversy to me seems overblown and "Much ado about
nothing" there have been reserve auctions for many years before eBay existed and
will be for many years after I presume.  many of the local surplus property
auctions at government facilities and at local colleges have some lots with a
reserve price on them, and if they don't get bid up enough to pass that reserve
price, they break the lots down into smaller lots or put it up in the next
auction with a lower reserve.  or even more painfully, sell it to a scrapper who
grinds it up to reclaim the metals....