I have to agree with Barry. Questions one and two are no-brainers. Question three takes some thought. If you have an auction for a live chip, lets say a $5 check, when you auction it off, if you do not set the opening bid at $5 then you take the chance of losing money. If I bid $12 for this check and the bidding only goes to $4, should I feel bad? NO! If you don't want to lose money on an auction, have a reserve. Otherwise you are gambling. And as we all know, when you gamble, sometimes you lose.