An auction in which the seller has set a minimum price for the item and reserves the right to accept or decline any and all bids. The minimum acceptable price may or may not be disclosed. Also known as an auction subject to confirmation and auction with reserve.
an auction listing where the seller has paid an additional listing fee to set a 'reserve price' for their auction item - this is a price that the seller has determined to be the lowest price that they are willing to sell the item for
an option selected by the seller