Bid starts at $550.00 but reserve not met

[JB5pro]

I wonder why they start the bid below what they will take?
It's for a lovely Magnavox Armoire from '78 with not too much of the cheapy picture wood finish scraped off the edges. I would have that those edges would be good wood at the very least. I guess by '78 Magnavox still had loyal customers that just assumed it was a quality cabinet. I expect it was sold for at a quality level price!
Item number: 280242603410

A lady friend of mine has a '79 Magnavox combo that does have great sound. I maintained the turntable once and tried may darndest not to scratch the picturewood where the turntable drops into but I did. It was tiny but still irratated me very much.