What is a reserve?

A reserve is the minimum price a seller is willing to accept for a lot at auction. It is agreed in advance with the auction house and remains confidential throughout the sale.

This mechanism ensures that a work will not be sold for less than a value the seller is comfortable with, offering a layer of protection for consignors while maintaining transparency for buyers.

What is a reserve price in an auction?

When a seller decides to offer a work at auction, they collaborate closely with a specialist to agree on a reserve price — the lowest price at which the work can be sold. This figure is set during the consignment period, once the artwork has been valued and catalogued, and always sits at or below the published low estimate.

During an auction, bidding will usually startat or below the reserve price, depending on prior interest shown in the lot.

What do ‘reserve not met’ and ‘reserve met’ mean?

• Reserve met means bidding has reached the threshold required to sell the lot. From this point on, the work is guaranteed to sell to the highest bidder.
• Reserve not met means bidding has fallen short of that threshold. In this case, the lot will be passed or ‘bought in’, and no transaction occurs.

Although the reserve itself is confidential, the outcome is clear: buyers know when their bid is in the running, and sellers are protected from underselling.

What does ‘no reserve’ mean in an auction?

The majority of lots have a reserve price, but in some cases, lots can be offered without a reserve. This means there is no minimum price, and the work is guaranteed to sell once a bid is placed — regardless of the final price.

If a lot has no reserve, a symbol (•) will be included on the lot webpage and in the auction catalogue to indicate this. The auctioneer will also state if a lot is offered without a reserve during a live auction.

Bidding on no-reserve lots can begin at any price — for online auctions, lots typically start at $100/£100 and, for live auctions, a no-reserve lot without any prior bids will start at half of the published low estimate of the lot. If no bidders come in, the auctioneer will halve the price further until they find a bid.

While rare, no-reserve lots can attract broad interest, particularly among new collectors looking for accessible entry points into the market.

In summary

The reserve price is a behind-the-scenes safeguard that allows sellers to enter the auction process with confidence, knowing they have a minimum protection in place. For buyers, clear estimates and open bidding ensure a transparent and trustworthy process.

For more auction terms, visit our full auction glossary.