Reserve Not Met (often abbreviated RNA, for “Reserve Not Attained”) is the status of a lot that received bids but did not reach the seller’s confidential reserve price. The lot does not sell at auction and is returned to the consignor.
Auction houses typically attempt to negotiate post-sale RNA deals between the highest bidder and the consignor, sometimes splitting the difference between the highest bid and the reserve. RNA rates indicate whether reserves are realistic — consistently high RNA percentages suggest reserves are out of step with the market and need to come down.
Post-sale negotiation is where many RNA lots find their way to a final sale. The high underbidder is contacted within days of the auction, told the consignor will accept a specific price (typically halfway between the high bid and the reserve), and given 24–48 hours to decide. Roughly 30–50% of RNA lots eventually transact through this process. The trade-off for the consignor: a slightly lower price but a guaranteed close. The trade-off for the bidder: getting the lot they wanted at a price below the reserve, often below their own max bid.