[78-L] eBay puzzle

[Peter Fraissinet]

If the reserve price was $550 and the bidder placed a single bid at least that high, the winning bid will be the reserve price regardless of the "starting" price.
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From: 78-l-bounces at klickitat.78online.com [78-l-bounces at klickitat.78online.com] on behalf of David Lennick [dlennick at sympatico.ca]
Sent: Thursday, April 18, 2013 11:40 AM
To: 78L
Subject: [78-L] eBay puzzle

How can an item have a starting price of $100, have one bid, and sell for $550?
Am I missing something here? Or would the seller have posted BUY IT NOW at that
price? This is an item that sold a few months ago so the listing isn't
available, only the price via Popsike.

dl