Auction Dictionary
( Bidera Auction help center glossary )

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Auction with a hidden price, which must be met in order for sale to complete.

Seller has an option to specify a price target when listing a regular English Auction(Dutch and Dutch Yankee auctions do not have Reserve Price Auctions).

As an example, Seller A puts one pen for sale for $1 with a reserve price of $5. Item screen for that pen will show $1(reserve not met), when auction is just starting.

Buyer B would bid $2, auction would now show Buyer B's bid $2(and still show reserve price not met). If auction would now end, Seller A would NOT have to sell the pen for $2 to Buyer B.

However, Buyer C enters bid for $6, now the bid simply shows $6 and the auction continues as a regular auction.

Please note, that for commission fee purposes Reserve Price is treated as a starting price on a regular auction(i.e. $5 reserve on $1 starting bid auction would cost the same as listing $5 starting bid for that particular auction).