In a reserve auction, must the consigner accept the price offered?

In the context of a reserve auction, the consigner is not obligated to accept the price offered for their item. This auction format typically includes a minimum price, known as a reserve price, that the consigner has set. If the bids do not meet or exceed this reserve price, the consigner retains the right to reject the highest bid made during the auction. This flexibility allows consigners to control the outcomes better, aligning with their expectations and the perceived value of the item being auctioned.

In a reserve auction, the key characteristic is that the bidding must reach the predetermined threshold for a sale to occur. If bids do not meet this threshold, the consigner can choose to walk away from the auction without accepting any offers, ensuring they are not compelled to sell their item for less than they deem acceptable. This contrasts with other auction types, where an item may be sold to the highest bidder regardless of the price.