Two interested parties at auction. Reserve is 1.45mn One party bids 1.25 (opening bid) and then no more bids, including from Interested Party #2 who is playing the "wait and see" game. Vendor bid 1.45 - property is now on the market - but no-one bids. Possible Bidder #1's limit was below 1.45. Why would Bidder #2 make a bid in this case? Wouldn't they be better off just letting the property pass in and then trying to negotiate privately? And to put in more general terms, Bidder #2 sees there's only one other interested party, why would they bid at all?