It is just human nature to want what other people want. The fact that other people want it, gives people an assurance that it is worth wanting and having. You see an item on
ebay with no bids, you start posting here asking, " I want this coin, but it has no bids, should I bid on it ? Is it worth it ? Take the same coin at the same price with 15 bids on it and people feel no immediate impulse to start questioning the price.
There is nothing wrong with hidden reserves, they have always been part of every auction, real estate , auto, coins ......
People see a high reserve, they pass it by, people see many back and forth bids they bid because they want the coin and are not turned off at the out set by the reserve. I can't tell you how many auctions I have been to where the bidding goes on and then slows or stops, at this point it is up to the consignor to make a decision. Many times the consignor figures the bidders just determined the value of the item and removes the reserve and sells the coin. If the reserve had been revealed at the start, people would have passed on the item and the coin would never have been sold.
The coin is worth what it is worth, you bid what it is worth.That has nothing top do with reserves. If it does not meet the reserve then " oh well "
The only thing about reserves that irritate me, is when the reserve is at or above retail, that is not an auction, that is a retail store.