I think I've stated my opinion in the past but here it is again using the example in this thread. If someone has a chip with a "value" (let's say book value in this scenario) of $100 and places it in auction for $100, then guess what..........it's NOT an auction but a sales offering!!!

Opening for $9.99 with a $100 reserve is the same thing EXCEPT it only wastes a lot of time for both the seller and prospective buyers.

A "true" auction would be NO MINIMUM....NO RESERVE but that leaves it open for "shill" or "protection" bids which also waste time but NOT in every instance. Sometimes an honest seller will accept what the market will bring.

Me, I prefer an auction with a starting bid......say at 50-75% of "book" with NO reserve and see where the auction ends up. It gives the seller some price protection, will validate "book" value and give a bidder an opportunity to maybe get a "bargain" on an item they'd like to own.

Just my thoughts.....................