Auction at Namejet with 21 bidders and not a single bid

I was watching the auction for the domain name ClassicFurniture.org at Namejet. This was a reserve auction and had 21 bidders in it. The minimum backorder bid was as usual set at $69. The remarkable thing is that although there were 21 bidders in this auction with that $69 minimum bid, not a single one made another bid for the domain.

The auction ended at $69 and of course the domain was not sold as the reserve was not met.

I was just watching the auction and wasn’t prepared to make another bid but what about the other 20 bidders? Are all these just watching the auctions? Or did they decide that they weren’t prepared to pay more than $69. One possibility I thought is that many people get discouraged when they enter an auction for a average domain and then they find out that it has a reserve. I know that has happened to me a lot of times. What do you think?