A substantial percentage of infections are believed to not show up in seroprevalence studies. One of the major areas of research right now is determining how large this population is.
What is the reason behind this?
I've seen a few papers testing asymptomatic patients (identified by contact tracing or other mass testing), with mixed results. NYC uses an in-house test for which I don't believe any paper exists, so I don't think we can say anything there. The IFR from NYC's serology is higher than most other estimates, which could imply under-ascertainment but could also be real (e.g., because they forced nursing homes to accept positive patients, because they were doing early intubation that we now know is harmful, etc.).