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In a Reserve Price Auction, the seller has set a Reserve Price, which is a price below which the listing will not sell. The Reserve Price is higher than the Opening Value. A reserve price allows the seller to start the auction with an opening value below the reserve price to initiate bidder interest and determine the fair market value of an item. If the seller as set a Reserve Price you will see either a "Reserve Price NOT Met" or "Reserve Price Met" message on the listing page depending on whether the current bid is below, or at or above, the reserve.
Reserve Price NOT Met- The current amount of the highest bid is below the reserve price and the item will not sell at auction close.
Reserve Price Met - The current amount of the highest bid is equal to, or greater than, the reserve price and the item will be sold.
If the highest bid at the auction close does not meet the seller's Reserve Price, the seller is not required to sell the item unless the seller chooses to do so. In this case, the seller will have a period of 48 hours after the auction close in which to contact the highest bidder whose offer was below the reserve price. Bidders who are contacted under these circumstances, however, are under no obligation to purchase the item.
In a Reserve Price auction, the seller starts the auction at a value below the lowest price at which s/he is willing to sell (the Reserve Price) to capture the bidder interest. This way, the bidders are not forced to bid at fair market value from the start of the auction. Also, many sellers prefer Reserve Price auctions when they are not sure of the market value of an item, and want to find an audience by enticing multiple bidders' interest.
In an Open Auction, buyers bid until the auction ends. The item is then sold to the highest bidder at the end of the auction period. There is no reserve price in an Open auction. The seller must sell the item to the highest bidder. Bidding can start as low as the Opening Value (minimum price or starting amount) of the auction.
Once the auction closes, email notification providing contact information is sent to the buyer and seller automatically so that arrangements for payment and shipment of the item can be determined.
A Dutch Auction occurs automatically on Fanatics Auctions when a seller has multiple, identical items offered for sale. The seller specifies the minimum price (the Opening Value) and the number of items for sale. Bidders can then bid at or above the minimum price for the quantity of items they wish to purchase. At the close of the auction, all winning bidders purchase the items at the same price, which is the lowest successful Bid.
In some auctions, a number of identical items are offered for sale at the same time. When the listing closes, the highest Bidders win the available inventory. Bids are sorted in order with priority given to price, the quantity bid for, and then finally to time a bid was placed. The time of a bid is determined by fanaticsauctions.com based on its records. If bids are tied for price, the Buyer who has bid in the greater quantity wins. If there are two bids at the same price for the same quantity, the early bid wins.
Fixed Price Sale listings or "Buy it Now" auctions have a fixed price set by the seller. Buyers simply choose to buy the item at that price. Fixed Price listings will remain active until all items have been sold or the close date and time set by the seller has been reached.
...the current bid has exceeded the buy now price for this item, so buy now is no longer available.
