Recruiter's Glossary

Examples: Auction Block • Buyer's Premium • Timed Auction

Reserve Price

Term from Auction Houses industry explained for recruiters

A Reserve Price is the minimum amount a seller will accept for an item at auction. Think of it as a safety net that protects sellers from their items selling for less than they're willing to accept. When reviewing resumes in the auction industry, this term shows that a candidate understands one of the most fundamental concepts in auction management. It's similar to a minimum sale price in regular retail, but specific to the auction world. You might also see it referred to as a "minimum bid" or "reserve.""

Examples in Resumes

Managed over 200 auctions with Reserve Price implementation, achieving 95% sell-through rate

Advised clients on optimal Reserve Price strategies for high-value artworks

Developed Reserve policies that increased client satisfaction by 40%

Typical job title: "Auction Specialists"

Also try searching for:

Auction Manager Auction Coordinator Art Specialist Auction House Administrator Fine Art Appraiser Auction Consultant Sales Executive

Where to Find Auction Specialists

Professional Organizations

Online Communities

Job Boards

Example Interview Questions

Senior Level Questions

Q: How do you determine an appropriate reserve price for high-value items?

Expected Answer: Should discuss market analysis, historical sales data, current market conditions, client consultation, and risk assessment. Should mention balancing client expectations with market reality.

Q: How would you handle a situation where multiple items consistently fail to meet their reserve prices?

Expected Answer: Should explain strategies for reviewing pricing strategy, market analysis, client communication, and potentially adjusting reserves or marketing approaches to improve results.

Mid Level Questions

Q: What factors do you consider when advising clients about reserve prices?

Expected Answer: Should mention item condition, market demand, recent comparable sales, seller expectations, and current market trends.

Q: How do you explain the concept of reserve price to new clients?

Expected Answer: Should demonstrate ability to clearly communicate the purpose and benefits of reserve prices, including protection for sellers and market dynamics.

Junior Level Questions

Q: What is a reserve price and why is it important?

Expected Answer: Should be able to explain that it's the minimum acceptable selling price and its role in protecting sellers' interests.

Q: How does a reserve price differ from an opening bid?

Expected Answer: Should explain that opening bids are where bidding starts, while reserve prices are the minimum acceptable sale price, often kept confidential.