telephone bids book bids absentee bids other bidding platforms
The fee charged to the seller by the auctioneer for providing services–usually a percentage of the gross selling price of the property established by contract (the listing agreement) prior to the auction.
The auctioneer or auction house operator to whom goods are entrusted by another (consignor) for sale at auction.
The person or authorized agent or entity that consigns goods to an auctioneer. The consignor is usually the seller.
Money held in trust by a third party until the seller makes delivery of merchandise to the buyer.
The sale of property left by a person at his/her death. An estate auction can involve the sale of personal and/or real property.
The process for determining the physical condition of an item. Different items have different grading systems.
Price established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel to indicate a sale is completed.
An adverse claim or charge against an item when that item is being used as collateral for a debt.
An item or set of items for sale in an auction, lots are normally denoted by a "lot" number.
National Auctioneers Association:
A U.S. association of individual auctioneers united to maintain ethical standards for the auction profession; promote the enactment of just and reasonable laws, ordinances and regulations affecting auction selling; make the public more aware of the advantages of auction selling; and generally improve the business conditions affecting the auction profession.
An auction that is for online bidders only and is not conducted in front of a traditional live audience. These auction types may have reserve items in which the auctioneers bid in order to protect the reserve.
An auction conducted on the premises of the property being sold.
A bidder who is physically participating at the auction venue.
To submit a maximum bid that is higher than another buyer's maximum bid.
Specified date and time a property is available for prospective buyer viewing and audits in advance of the sale. Also known as open house or inspection.
Reserve or Reserve Price:
The minimum price that a seller is willing to accept for an item to be sold at auction. This amount is never formally disclosed.
Alerts sent via text message to your mobile device to inform you when another bidder has placed a bid on an item.
The likely starting bid for a given auction, set by the seller at the time of listing.
An auction that is conducted in front of a live audience at a physical location where the items for sale are located.