How the Reserves system works
Reserves can be placed on your lots by agreement, without charge. The minimum accepted reserve is £30, with auctioneer’s discretion, except in Picture sales, where the minimum accepted reserve is £100 with auctioneer’s discretion.
The first time a lot is offered for sale, reserves are subject to 10% discretion. If a lot is unsold, the second time it is offered for sale, reserves are reduced by 20%. For the third or subsequent sales, there is no reserve.
Any unsold lots may be collected after the first or second sales, once unsold charges have been settled.