Another reason I haven't seen listed is that setting a blind minimum educates you to what market value actually is. If I think an item is worth 5k, but the market is only willing to pay 3k for it, I will learn that from setting a blind minimum. If I just start at 5k and no one bids, I never learn how far off the mark I am.
Specialist-Big2165 t1_iyaj2ge wrote
Reply to ELI5 When selling an item in an auction, why set a minimum reserve amount if the bidders can’t see it. Why not just set the minimum bid at the lowest price you’d be willing to sell at? by lsarge442
Another reason I haven't seen listed is that setting a blind minimum educates you to what market value actually is. If I think an item is worth 5k, but the market is only willing to pay 3k for it, I will learn that from setting a blind minimum. If I just start at 5k and no one bids, I never learn how far off the mark I am.