In Indiana, what happens if the bids do not reach the reserve price at an auction?

In Indiana, if the bids do not reach the reserve price during an auction, the correct outcome is that the item is not sold. A reserve price is a minimum price set by the seller that must be met for the item to be sold. If bidding comes to a close and the highest bid does not meet this predetermined reserve price, the seller does not have to sell the item. This process ensures that sellers can protect their financial interests and avoid selling their items for less than they are willing to accept. The other choices describe scenarios that do not align with the principles of an auction with a reserve price. For instance, the item cannot be sold at the highest bid (which suggests a forced sale) if it does not meet the established reserve; nor does it entail an automatic cancellation of the auction itself, nor necessarily imply that the item will be sold at a future auction unless the seller chooses to relist it or negotiate afterward.