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What is a reserve price?

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What is a reserve price?

Answer

Unless otherwise stated, all property is sold subject to a reserve price whether declared or not. The reserve is the seller's minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

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