[speeder]

Live auctions frequently have reserves that are not disclosed in advance, it's a normal part of auctioning. It always amazes me how otherwise intelligent people can not understand eBay; the threads and posts complaining about sniping illustrate this. You simply bid the maximum you are willing to pay, (and you may get it for less), and if someone wants it more and is willing to pay more, who cares?

Same w/ reserves, the whole point is to get people bidding. It cracks me up when someone states "no reserve", but starts the item at their minimum *taking* price. That IS a reserve!! And usually no one bids on those ones, whereas the mint early 911s that start @ $1.00 go for crazy prices like $40k+ with 30 bids. It ain't rocket science, but it is free market capitalism w/ everyone's interests protected, IMO.