What’s A ‘No Reserve’ Auction?
- 14 July 2023
In the world of auctions, there are specific thresholds that must be met before an item can be sold. Buyers and bidders, specifically, must be aware of the minimum price, known as ‘reserve price,’ at which they can acquire the lot. In contrast, a ‘No Reserve’ auction removes the need for a minimum price to be met. It’s also known as an “absolute” or “without reserve” auction.
In contrast to auctions with a reserve price, a ‘No Reserve’ auction removes the need for a minimum threshold to be met. It’s also known as an “absolute” or “without reserve” auction. Here’s the deal: besides the initial starting price set by the seller, there are no limits or constraints on the final selling price. That means the item will be sold to the highest bidder, regardless of the price offered. In fact, even if there’s only one bidder, they still walk away with the item. Pieces up for grabs in a no-reserve auction are guaranteed to find a new home—unless, of course, no one places a bid.
A ‘No Reserve’ auction creates an extraordinary chance for individuals to acquire valuable art pieces without any minimum price restrictions. It’s a golden opportunity to broaden your art collection and add some remarkable pieces to your portfolio–most importantly, at a budget price. The beauty of no-reserve auctions is that they make art and design more accessible to a diverse range of collectors, hobbyists, and casual art enthusiasts. Online auctions, like the upcoming ‘art+design’ on July 22, makes the community more inclusive and welcoming to anyone interested in acquiring valuable art and in starting their own collection.
Rare deals for rare finds. The ‘art+design’ items for the ‘No Reserve’ section includes works by artists like National Artists Ang Kiukok and BenCab. The range of pieces up for grabs also includes rare decors, collectibles, and books sold in bundles. Click the online catalogue to view more (the No Reserve items are indicated with an asterisk sign)
The ‘No Reserve’ section is the latest addition to the upcoming gavel&block ‘art+design’ online auction on Saturday, 22 July 2023, starting at 11AM. View the catalogue and register to bid by clicking this link.