Quote:
Originally Posted by kronzprinz
i believe the "buy now" feature is automatically the lowest price you can get the item for.
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No, it's not. Not even close.
"Buy It Now" is simply a way for an item's seller to offer a way for an impatient buyer to skip the whole auction process by paying a premium price to simply buy the item outright. The Buy It Now price is a compromise to avoid the gamble of an auction: When you Buy It Now you are paying a premium to ensure you win i.e. to ensure you don't end up in a bidding war that possibly ends up at an even higher price, or get sniped at the last minute, or any of the other possibilities. You do it to avoid the negative outcomes of an auction, but you also give up the possibility of getting it for less as happens when there is no interest. Like what happened here: No interest, very few bids, low price, awesome win situation for the highest bidder.
None of this has anything to do with the Reserve price. If the item didn't meet the reserve price IT WOULDN'T HAVE A WINNER AT ALL. HE WON THEREFORE THE RESERVE PRICE WAS MET.