Here it is taken from their rules sections:
3. Minimum Bids and Reserves: The minimum bid is the publicly opening bid. All minimum bids are published in the lot catalogue. The Reserve Price is a minimum bid set by the consignor below which the lot will not be sold. Accordingly, if the Reserve Price is not met at the conclusion of the auction, the lot will not be sold. Reserve bid prices are not publicly available and will not be published, except that within twenty-four hours prior to the auction close, any item with an unmet reserve will be annotated with “Reserve Not Met” in the online bidding. Reserve bids are available to the House and the House may, at its discretion, on behalf of the seller confidentially set an “up to” bid where the next bid in succession would hit the Reserve bid. No reserve bid placed by the House will be executed at a level greater than one bid below the actual reserve.
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