Reserve

The minimum price that a seller is willing to accept for a property to be sold at auction. Also known as the reserve price. Reserve Auction An auction in which the seller reserves the right to establish a reserve price, to accept or decline any and all bids or to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer. See also Auction With Reserve. Sale Manager The person designated by the auction company who is responsible for organizing the details of an auction. Also known as project manager. Sealed Bid A method of sale utilized where confidential bids are submitted to be opened at a predetermined place and time.