What is a Reserve? How much is the Reserve on this item?

A reserve is the amount that bidding must reach before an item will be sold.  Items that have a reserve will state Reserve Not Met underneath the current bid price unless and until the minimum bid price has been met.  Once a reserve price has been met or exceeded, a notice will state Reserve Has Been Met.  

How do I find out how much a reserve is?

The reserve is generally known only to the affiliate running the auction and is not disclosed to bidders. Bidders may contact the affiliate to inquire about a lot's reserve - the affiliate is under no obligation to disclose the reserve.

Can a reserve be lowered? 

Affiliates may lower a reserve at any time before or after an auction closes.  If the reserve is lowered while the auction is in progress, the applicable reserve message will be updated (Reserve Not Met or Reserve Has Been Met); the asset will sell to the high bidder if the lowered reserve amount is met. If the reserve is lowered after the auction closes, the highest bidder at auction close will receive a winning bidder invoice.

If a reserve is lowered after the last bid on the lot was placed, the winning bidder is not obligated to purchase.