Hi Don; Thanks for your explanation. My intention was not to give Rene a hard time. I simply asked the question if I was missing something. My first impression was that the owner of the chip had placed a minimum bid of $150 on this lot and that Rene was claiming this was an unreserved auction. An unreserved auction in my mind is one which has no minimum bid for starters.... similar to the 1998 club auction.. You're suggesting that a bidder placed a $150 bid which Rene had accepted. If that's the case, I accept Rene's claim of his no reserve auction. As for others comments about how much this chip has sold for in the past vs. what it is actually worth today..... it goes without saying that any three to four figure chip up for bid deserves some common sense investigation as to past and current history before one bids a sizeable amount of money on it.