Absentee Bid
A procedure allowing a bidder to submit a maximum bid without being physically present; the auctioneer executes the bid up to that amount.

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Absolute Auction (Auction Without Reserve)
An auction where property is sold to the highest bidder without any minimum reserve price; the seller cannot bid in the auction.

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Appraisal
The process of estimating the value of an item before it is offered for auction.

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As Is / Where Is
Indicates that items are sold in their present condition with no guarantees or warranties.

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Auction
A public sale in which goods or property are sold to the highest bidder through open and competitive bidding.

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Auction Stand
The raised platform or podium where the auctioneer stands to conduct the auction.

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Auction With Reserve
An auction where the seller sets a confidential minimum price (reserve); the seller may accept or decline the highest bid if it does not meet that price.

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Auctioneer
The individual who conducts the auction, announces the bids and manages the sale.

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Bid
A legally binding offer to purchase a lot at a specified price.

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Bid Increment
The predetermined amount by which a new bid must exceed the previous bid.

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Bidder
The person or entity making bids at an auction.

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Buyer’s Premium
An additional percentage of the hammer price that the buyer must pay on top of the final bid.

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Catalog
A printed or digital list of all the items being offered in an auction, including descriptions and lot numbers.

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Commission
The fee charged by the auction house to the seller, usually a percentage of the hammer price.

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Condition Report
A detailed description of an item’s physical state, noting any damage, restoration, or wear.

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Consignment
The act of delivering items to an auction house to be sold on behalf of the owner (the consignor).

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Consignor
The person or entity that owns the items being sold and entrusts them to the auction house.

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Estimate
The price range that the auctioneer expects an item to sell for, based on prior sales and market research.

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Hammer Price
The final bid amount accepted when the auctioneer’s gavel falls, not including any buyer’s premium.

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Lot
An individual item or group of items offered for sale as a single unit during the auction.

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Lot Number
A unique number assigned to each item or group of items in an auction for identification.

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Opening Bid
The first bid accepted by the auctioneer, which starts the bidding process.

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Paddle
A numbered card used by bidders to signal bids to the auctioneer.

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Passed Lot
An item that does not meet its reserve price and remains unsold at auction.

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Provenance
The documented history of ownership of an item, often used to verify authenticity and value.

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Reserve Price
The confidential minimum price that a seller will accept; if bidding does not meet this price, the item may be withdrawn.

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Sales Tax
The government-imposed tax applied to the hammer price and buyer’s premium, depending on location.

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Telephone Bid
A bid placed by a buyer through a phone call with an auction house representative during the auction.