I agree with Heritage's reserve system for high profile auctions.
Set the reserve to 1/2 to 2/3 of the realistic sales price. That protects the consignor from a disastrous low final sale price, cuts out the frivolous early bids, and still leaves a chance for a bargain for serious bidders.
Some say that it's impossible to know what a "realistic sales price" is but most posters have been sold many times and it's very clear what the "fair market value" range will be for that poster.
(Of course, Heritage charges an obnoxious 20% buyer's premium, so jeers to them for that.)
Most sellers won't set medium reserves because they think early meaningless bidding "stirs up excitement" but it's just a waste of time and the serious bidders don't pay any attention to the silly early bids.
I don't know Pardoe55's bid for This Gun For Hire but anything less than $12,000 is not serious.