Given that the reserve price was not met, does it mean it was too high?

The ”Lesedi la Rona,” one of the world’s largest diamonds ever found failed to sell at Sotheby’s
auction during summer 2016. The reason is that the seller’s reserve price (the smallest price
the seller would give the diamond up for) was not met during the auction. You can find more
information here
http://www.forbes.com/sites/anthonydemarco/2016/06/29/
worlds-largest-rough-diamond-fails-to-sell-at-auction/#187ae2cd1ee6
1. Given that the reserve price was not met, does it mean it was too high?
2. If you were to sell the diamond, how would you do this? You should offer a certain selling
mechanism and explain why it would work.

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