In a Reserve Price Auction, the seller has set a Reserve Price, which is a price below which the listing will not sell. The amount of the Reserve Price is not disclosed (so don't ask!). The Reserve Price is higher than the Opening Bid. In a Reserve Price Auction you will see a "Reserve Price NOT Met" until the bid reaches the Reserve Price. Once the Reserve Price has been met or exceeded, the auction will continue as it normally would in a traditional Auction format.
* Reserve Price NOT Met - The current amount of the highest bid is below the reserve price and the item will not sell at auction close
Once the reserve price has been met or exceeded, this auction is the same as an Auction. Please note proxy bids are not recognized as such in Reserve Price Auctions until the reserve has been met. If you place a proxy bid in a reserve price auction where the reserve hasn't been met, the bid will register as a regular bid.