Norm I do agree that a "hidden reserve" is not much different and I know of some people that will not bid on a reserve auction. My feeling is if there is a reserve why not just start the auction at that price and go from there. Everyone is out to get a "deal" and would not use an auction if they did not feel they are getting it cheaper than buying from a dealer who has no reserve, doesn't shill his selling price and just tells you what he will sell it for.