Hmm I just noticed that rule as well. So a reserve is a certain price an item would have to reach to actually be sold at the auction. As in an item's minimum bid might be 1mil but the seller doesnt want it to actually be sold unless the object reaches maybe 1.5mil. So I'm geussing he's saying the ...
the opening day & time for bids are September 17th at 18:00 shard time. the auction hall is open now, with some of the Weapon selection already on display.
Getting there is simple, just head to a world teleporter, go to shops and look for 'Zeus's auction ...