Pennsylvania Auctioneer Practice Exam

Setting reserves when breaking a pool or syndicate is the best way to control the auction process and ensure a successful outcome. By setting reserves, the auctioneer can establish the minimum acceptable price for each item, which helps in managing expectations and safeguarding the interests of the sellers. This approach helps in maintaining transparency and fairness during the auction, as potential buyers are aware of the price levels they need to meet to secure a purchase. Lowering reserves to attract more buyers, using a variety of bid increments, or increasing the auction duration may not be as effective in breaking a pool or syndicate as setting reserves.