Ronald wanted to sell a collector's item 1988 Bicentenary Test full size 'Gray-Nicolls' cricket bat signed by

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Question:

Ronald wanted to sell a collector's item 1988 Bicentenary Test full size 'Gray-Nicolls' cricket bat signed by the Australian & England teams that his uncle gave him as a birthday gift when he was 15. Ronald was unsure about the worth of the bat but thought that perhaps the best way to get a good price would be to auction the bat at an event for cricket enthusiasts.Ronald does some research online and decides to sign up with an online auction agent for cricket memorabilia (Cricketcart Online Auctioneers (COA)), to auction his cricket bat at an online charity event (Ronald felt his late uncle would have appreciated the gesture). All the items on the online charity auction are listed for bidders and Ronald's 1988 Bicentenary Test cricket bat is listed at a disclosed reserve of $1500.

Online, Penny, a keen cricket collector, bids A$1500 for the bat. Nobody else bids for the bat. Ronald receives an email from COA that Penny has won the bid for the bat at the reserved price (in accordance with the agreed terms). Ronald is furious, as he feels that this is far beneath the genuine worth of this wonderful collector's item. He argues that the offer of the bat at the reserved price was only an invitation to treat and wants to reject Penny's offer.

Advise Ronald.

Please use relevant case law to support your answer.