] In our main experiment, we worked with an established eBay auctioneer to sell matched pairs of items -- batches of vintage postcards -- under his extremely high reputation identity, and under newcomer identities with little reputation. Our second experiment followed the same format, but compared sales under newcomer identities with and without negative feedback. Having controlled the content of the auctions, and the presentation of item information, we were able to minimize the effects of variables other than reputation. As expected, the established identity fared better. The price difference was 7.6% of the selling price. Back-of-the-envelope calculations indicate that this amount is reasonable, given the level of risk that buyers incur. Surprisingly, one or two negative feedbacks for our new IDs had no price effects, even though these sellers had few positives.