Auction theory offers an argument that a secret reserve price is better.

拍卖理论提出一种看法，认为保留价格保密更好。

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Many pieces that fail to achieve their reserve price at auction are quietly sold afterwards in “private-treaty” deals negotiated by the auction houses.

许多在拍卖行无法卖出其最低价格的艺术品，之后便会在台下悄悄地按照“私人协定”交易来完成，拍卖行则会充当协商方。

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They left out works put up for auction that failed to fetch their reserve price the auctioneer's lowest acceptable bid for the work.

ECONOMIST: The art market

Too many auction lots change hands under low reserve price points.

FORBES: When And Why The Market Makes New Highs

Since July this year, Art Auction Guarantee, a company founded in 2011, have offered buyers of art at auction a guarantee that, for a percentage of the acquisition price (5% to 7.5%), they will get back what they paid for the piece if it is resold at auction after two years or more and fails to make the reserve price.

FORBES: Can You Take the Risk Out of Buying Art?