Auction Glossary:​

 

A designated period, at a set date and time, during which items can be examined by potential buyers before the auction begins. It allows for the verification of condition, quality, and specific characteristics.​

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Auction Block — The elevated podium or platform from which the auctioneer conducts the sale and receives bids.​

 

Catalogue — A document, printed or online, showcasing items offered in the auction, including photographs, descriptions, lot numbers, and terms of sale.​

 

Collusion — An illegal practice where individuals agree not to bid against each other to influence the price, or use fictitious bids to artificially inflate the value of a lot.​

 

Conditions of Sale — The set of rules governing an auction, including payment methods, fees, possession, reserves, and other specific terms. Also known as "Terms and Conditions."

 

​Listing Agreement — A contract between the seller and the auctioneer authorizing the sale of goods and defining the rights and obligations of each party.​

 

Auction — A public sale where goods are awarded to the highest bidder through an open and competitive bidding system.​

 

Online Auction — An auction conducted entirely on the internet, where participants view lots and place bids remotely.​

 

Real-Time Auction — A live auction in which participants join remotely (via computer, tablet, or phone) while following the sale proceedings simultaneously.​

 

Auctioneer — A professional mandated to organize, direct, and oversee the auction; they announce bids, identify the highest bidder, and conclude the sales.​

 

Auction with Reserve — An auction where the seller reserves the right to accept or reject the final bid. A minimum price may be set without necessarily being disclosed.​

 

To Bid — To propose an amount to acquire an item. Offers increase in increments established by the auctioneer.​

 

Absentee Bidder — A person who does not participate live but submits their maximum bid in advance for one or more lots.​

 

Appraisal — An estimation of the market or potential value of an item before it is put up for sale.​

 

Lot — A single item or a group of items sold under a single identification number.​

 

Opening Bid — The first offer submitted on a lot at the start of the bidding process.​

 

Minimum Bid — The lowest amount required for a bid to be accepted. This threshold may be announced or remain confidential.​

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Competing Bids — A situation where multiple bidders submit the same offer at the same time; the auctioneer then determines the procedure to break the tie.​

 

Buyer's Premium — Fees added to the final bid price, calculated as a percentage or a fixed amount, paid by the buyer.​

 

Hammer Price — The amount reached for an item at the close of bidding, before any applicable taxes or fees.​

 

Final Price — The amount of the last offer recognized and accepted by the auctioneer before the lot closes.​

 

Withdrawal — Removing an item from sale, or a situation where a lot remains unsold due to insufficient bids or because the reserve was not met.​

 

Reserve — The minimum price a seller is willing to accept. Also referred to as the "reserve price."​

 

Subject to Confirmation — A condition stating that the seller must approve the obtained price before the sale is finalized.​

 

As-Is — The sale of an item in its current condition, without guarantees regarding its operation, quality, or fitness for a particular purpose. The buyer is responsible for inspecting it before purchase.

 

​Terms and Conditions — The applicable rules of the auction, provided or presented to participants before the start of the sale.​

 

Auction Value — The price reached by an item through the bidding process and competition between buyers.​

 

Market Value — The price an item could reasonably obtain under normal market conditions.​

 

Seller — The individual or company that owns the goods offered for sale and is authorized to transfer ownership.​

 

Due Diligence — The collection and analysis of information regarding the condition, authenticity, provenance, and legal status of goods intended for sale.