“Starting bid,” also called “opening bid”: the amount suggested by the auctioneer to open the bidding. If no bidders are interested in bidding at that amount, the auctioneer will drop the opening bid until a bid is received. The starting bid may be published in advance with disclosure to wit: The starting bids may not the same as the reserve bid.

Starting bids are set at the discretion of the Auctioneer. The UCC affords the Auctioneer with the permission of the seller to set terms and conditions of the sale. The starting bid creates an entry level to making offers in the auction process. In the bidding process the auctioneer evaluates the interest of the potential bidder pool. The auctioneer may ask for a higher bid and if not received the auctioneer may lower the bid levels to start at a lower increment. This process allows participation by a higher number of bidders. The more participation, the more enthusiasm, the better chances that a better price will be revealed in the open public space. Starting bids may be used in connection with auctions to be sold with reserve status.