The sale will be made to the highest bidder subject to a reserve price being attained.
A secret reserve price allows bidders to see each others' gradually ascending bids and thus draw confidence that they are not alone in prizing the item.
Hearts red wine on a high price gap in quality goods, there are certain guarantee, but a cheap red wine also have good level, so the reserve price is very important.
They were told to strike a deal, but this could not be done on price alone, because the maximum the buyer was allowed to pay was lower than the seller's reserve price.
Their conclusion, contrary to the theoretic argument, is that secret reserve prices are counterproductive.
