A Traditional Auction listing allows you to sell items to the highest bidder. You specify the start price, and people bid against each other in bid increments. Traditional Auctions allow the seller, if desired, to set both a Reserve and Buy Now price. The quantity of goods listed in a Traditional Auction is equal to one.

Example: A pair of ivory King & Queen has a quantity of 1. A lot of 5 different netsukes has a quantity of 1 because they are all sold together as one item.

Reserve - The Reserve price is the absolute minimum dollar amount the Seller will accept for an item. Buyers are notified after placing their bid if it is below the Reserve price. If a Buyer"s maximum bid is greater than the Reserve price, the Reserve is automatically met and that user is the high bidder. The ability to set a Reserve price is only available in Traditional Auctions. No one but the seller can see the Reserve price. The Reserve price remains hidden.

Example: The seller sets the Reserve price at $2,000 but buyer "A" enters a bid at $3,000. The item will show the Reserve has been met. If no one else bids on the item before it closes, the final winning purchase will be $2,000 (not $3,000). The $3,000 bid only secures buyer "A's" position when buyer "B" bids above $2,000. (Buyer "A" is placing Proxy bids and is in control of the auction until buyer "B" bids over $3,000.)

In the same auction, buyer "A" bids $3,000 on an item with a Reserve price of $2,000. Buyer "B" bids $2,700. Buyer "B's" bid automatically raised the auction price to $2,710. But buyer "B" is not winning until he bids $3,025. If buyer "B" does not bid higher, Buyer "A" remains in the lead because of his initial MAX BID of $3,000. If no one else bids, the auction will end with the concluding sale at $2,725. (An increment above Buyer "B's" offer.)