Auction Terminology Guide
Whether you're a seasoned bidder or a first-time attendee, understanding auction lingo is essential. Here's a comprehensive list of common auction terms and what they mean.
General Terms
Auction: A public sale where goods or property are sold to the highest bidder.
Auctioneer: The person conducting the auction and accepting bids.
Lot: An item or group of items offered for sale as a single unit during the auction.
Catalog: A list of all the lots available for sale, including descriptions, images, and estimated values.
Bidding Terms
Bid: The price a buyer is willing to pay for a lot.
Opening Bid: The first bid placed on a lot, or the starting price.
Increment: The minimum amount by which a bid must increase to be accepted.
Reserve Price: The minimum price a seller will accept. If bids do not meet this price, the lot may not be sold.
Hammer Price: The final bid accepted by the auctioneer, not including any additional fees or taxes.
Winning Bid: The highest bid that wins the item at the close of the bidding.
Payment & Fees
Buyer's Premium: An additional fee (usually a percentage) added to the hammer price, paid by the buyer.
Invoice: The document issued to the winning bidder, including the hammer price and any applicable premium, taxes, or shipping.
Payment Terms: The rules regarding how and when payment must be made.
Auction Types
Live Auction: Conducted in real time with an auctioneer, either in person or online.
Online Auction: Conducted solely online, often over several days.
Timed Auction: A type of online auction where bidding is open for a set period.
Silent Auction: Bidders submit confidential bids, often in writing, without knowing others' bids.
Item Status Terms
As-Is: Sold in its current condition with no guarantees or returns.
Provenance: The history of ownership or origin of an item, which can affect value.
Condition Report: A detailed description of an item's physical state, including any damage or wear.
Post-Auction Terms
Passed Lot: A lot that did not sell because it didn't meet the reserve or attract any bids.
Unsold: Another term for a lot that did not sell.
Consignor: The person or entity that places items in the auction for sale.
Legal & Regulatory
Terms and Conditions: The rules governing participation in the auction, including bidding, payment, and item pickup.
Authentication: The process of verifying the legitimacy or origin of an item.