What are Reserve Prices & Opening Prices?
A "Reserve Price" is the minimum price at which a seller is willing to sell an item. If an offer is made at or above this price, the seller is obliged to sell. The seller can also set a price below the Reserve Price to open (Opening Price) or stimulate bidding, but is only obliged to sell if the Reserve Price is met. The Reserve Price is not disclosed to buyers, but buyers will be notified when the Reserve Price has been met.