Let's think here: what exactly is the point of 'Reserve' auctions? Who truly benefits from them? I'll tell you: eBay. They charge a hefty upfront fee, which is only refunded if the item sells. The big 'Reserve not met' is also a deterrent for buyers. But let's look a bit deeper into the issue.
As I mentioned, the fee is definitely a downside for the sellers. But what else? As a successful seller, one needs to reason like a buyer. If an expensive item is listed at 'No reserve' with a low starting bid, the first bidder already has a sense of ownership. When s/he is outbid, the mentality is: 'Hey, where are you going with my (fill in the blank)!' Starting a bidding frenzy without the mysterious 'reserve' variable is the only way to get the true value of the item. When a reserve is involved, the enthusiasm of bidding is almost non-existent since even after putting forth the effort of watching the item and bidding at the right time, one does not know whether s/he will walk away with it. EVEN as a highest bidder. So, what is the point? In our experience, the same exact item, closing during similar times will ALWAYS bring higher end bid if reserve isn't involved.
However, if the only way you will let go of your precious item below a certain amount is if it's pried from your cold, dead fingers, then the following techniques are much more effective than setting a reserve:
1) of course, 'Buy-it-now' for the set amount
2) 'Buy-it-now' with a higher amount than what you would like to recover and a 'Make Offer' option. CAVEAT: Many on ebay think it is 'cute' to place ridiculously low offers on your item, for instance today we received a $300 offer on an item with a $6200 Buy-it-now. You can set the option to automatically decline offers below a certain amount. If you deal in high-end merchandise, in our opinion, you should simply block those pseudo-buyers with entirely too much time on their hands. They will be nothing but trouble in the future anyway.
3) set an auction with the starting bid set at your desired amount. This way one knows exactly what s/he needs to pay to walk away with the item.

Bottom line is, when no mystery is involved, the bidding process is much more fun for buyers. In addition, they will go to greater lengths to win the item.
Having said that, there is one technique which is somewhat effective when reserve is involved, which is lowering the reserve in the later part of the auction. This way, everyone who is watching and bidding on your item will receive an email stating that the 'seller has lowered the reserve'. This will spark additional interest and more bids will come in.

So, as I mentioned, the only winner with 'reserve' auctions is eBay. They get their fee upfront, so whether your item sells of not, they're paid. If it does not sell, you will re-list it, which is another fee. For sellers the objective is to, well, sell. If that objective is not met, sellers are losing out. sellers, if you choose to heed our advice and list at 'No reserve', make sure the auction ends during a time when more people are in front of their computer. HINT: Superbowl Sunday is not a good day. Neither is Christmas Eve/Day. Look at our guide titled 'Successful end-times' for pointers.