Glossary
Welcome to our Auction Glossary page – a handy guide to decoding the unique terminology and jargon used in the thrilling world of auctions. Whether you're a seasoned bidder or just starting, understanding the language is key to maximizing your experience. This glossary provides clear definitions of terms related to bidding, auctioneering, and more. Dive in, expand your auction vocabulary, and bid with confidence. If you encounter a term not covered here, don't hesitate to contact us. Happy exploring!
An antique is an object that is over 100 years old.
Refers to the condition of the item, indicating that the seller offers it without warranties regarding its fitness for use. Buyers are responsible for inspecting items before the sale for their protection. Synonyms include "where is" and "in its present condition."
A method of selling goods to the highest bidder in a public setting.
An auction where the seller has the right to accept or decline bids within a specific time. The minimum bid may or may not be disclosed.
An auction where merchandise is sold to the highest bidder with no minimums or limiting conditions. The seller may not bid personally or through an agent.
The person engaged by the seller to direct, conduct, or oversee a sale by auction.
A buyer's indication or offer of a price they are willing to pay for an item. Bids are typically in standardized increments set by the auctioneer.
Also known as a Memorandum, a form executed by the high bidder confirming their identity, bid price, and item description.
Commonly known as the auctioneer, the person who calls, cries, or auctions merchandise, recognizing bidders and acknowledging the highest bidder.
The fee charged to the seller by the auctioneer for services, usually a percentage of the gross selling price established in the listing agreement.
An auction including the personal and/or real property of a living or deceased person.
The final price of a lot as determined by the highest bidder and the auctioneer before the gavel drops.
An authorized copy of an original work created by the artist or skilled craftsman. Limited in number, it involves treating a plate to retain ink for transferring the image onto paper.
An auction where a group of properties is offered through a common promotional campaign, owned by one or multiple sellers.
The minimum price the seller is willing to accept for an item.
A public sale due to nonpayment of property taxes
Sale conditions varying by auction, typically listed on bidder cards. Includes information about payments accepted, tie bids, and other auction-related details.
The person handling accounting and paperwork at each auction.
A percentage added to the bid amount, commonly used to cover event costs. Charged onto the bid price, with sales tax applied to the buyer's premium.
Accepted payment methods, such as cash, cashier's checks, personal checks, Visa, MasterCard, and American Express. Valid identification is needed for registration.
When two or more persons bid the same amount simultaneously, resolved by the auctioneer.