There also seems to be a difference in regard to guide and reserve prices. Senator O'Toole referred to this and is not confused about it in any way. A guide price is simply the opinion of an auctioneer or auctioneering company as to what it is reasonable to assume a property may fetch on the open market. The reserve price is the price below which the vendor will not sell. It is an absolute right to set this reserve, irrespective of what the auctioneer may guide. This should be remembered. Auctioneers are subject to instructions like solicitors and other professions, and may often be over-ruled. I am sure Senator Scanlon has experienced this, as I have.