telephone bids book bids absentee bids other bidding platforms
Commission:
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.
Consignee:
The auctioneer or auction house operator to whom goods are entrusted by another (consignor) for sale at auction.
Consignor:
The person or authorized agent or entity that consigns goods to an auctioneer. The consignor is usually the seller.
Escrow:
Money held in trust by a third party until the seller makes delivery of merchandise to the buyer.
Estate Auction:
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.
Grading:
The process for determining the physical condition of an item. Different items have different grading systems.
Hammer Price:
Price established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel to indicate a sale is completed.
Lien:
An adverse claim or charge against an item when that item is being used as collateral for a debt.
Lot:
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.
Online/Virtual Auction:
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.
On-site Auction:
An auction conducted on the premises of the property being sold.
On-site Bidder:
A bidder who is physically participating at the auction venue.
Outbid:
To submit a maximum bid that is higher than another buyer's maximum bid.
Preview:
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.
SMS Alerts:
Alerts sent via text message to your mobile device to inform you when another bidder has placed a bid on an item.
Starting Price:
The likely starting bid for a given auction, set by the seller at the time of listing.
Traditional Auction:
An auction that is conducted in front of a live audience at a physical location where the items for sale are located.