based upon your example. If a chip has a $6.00 "reserve" on it with a current bid of $1.00 and you bid $6.50, you have met the "reserve" and are now the high bidder at $6.00 with your proxy max bid of $6.50 still in effect.

The problem that I see and have experienced with reserve auctions is that there are very few bidders, maybe because of the "reserve" notation. Each time that I bid on a "reserve" auction on eBay that doesn't hit the reserve, I delete the confirmation e-mail 'cuz I just don't care.

IMO, "reserve" auctions are appropriate for higher end chips that start at ridiculously low opening bids. But a $1.50 reserve on a $1.00 chip does not make sense to me. Bedo