The opening bid (or starting bid) is the first bid amount the auctioneer accepts for a lot. It’s typically set below the expected hammer price to encourage early participation and bidding momentum — if no one bids at the opening number, the auctioneer may lower it until someone enters.
On reserve auctions, the opening bid is usually well below the reserve, with the auctioneer working bidders up toward (and through) the reserve. On no-reserve auctions, the opening bid is purely strategic — high enough to set price expectations, low enough to draw bidders. Online platforms display the opening bid as the “starting price” on the lot listing.
Opening-bid strategy is more art than science. Set it at $1 on a no-reserve lot and you’ll get a flurry of low-stakes bids that may stall before reaching market value. Set it at 80% of expected hammer and you may scare off bidders entirely. Veteran auctioneers calibrate to the lot’s likely audience: collectible categories with large enthusiast bases tolerate lower starts (the bidding will rise on its own); thin markets need higher opens to anchor pricing.