Auction - Also called public sale. a publicly held sale at which property or goods are sold to the highest bidder.
LIVE AUCTION: A live auction is hosted by an auctioneer in real time, typically at the gallery or salesroom of the auctioneer, and is held before an audience of bidders.
TIMED ONLINE ONLY AUCTION: A timed online only auction is automated and takes place solely online. The bidding for each lot is opened at a predetermined level set by the auctioneer, usually at a set time and stays open over an extended period of hours or days.
LIVE WEBCAST AUCTION: A online broadcast of the live auction event. Their may be onsite bidders along with online live bidders. May be operated with or without live onsite bidders. Online only webcast auction only accepts live online registered bidders.
Absentee Bidder: A person who may not attend the sale but submits, in advance, a written or oral bid that is the top price he/she will pay for a given property.
Absentee Bid/Proxy Bid: A bid on an item that a bidder leaves without being physically present.
"As Is:" Also known as "as is, where is" and "in its present condition." Typically, this is a sign that no return privileges will be granted.
Auctioneer: The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. This person may or may not actually "call" or "cry" the auction.
Auction Block: The podium or raised platform where the auctioneer stands while conducting the auction. "Placing (an item) on the auction block" means to sell something at auction.
Bid: A prospective buyer's indication or offer of a price he/she will pay to purchase property at auction. Bids are usually in standardized increments established by the auctioneer.
Bidder (Paddle) Number: The number issued to each person who registers at an auction.
Buyer's Premium: An additional service charge, for which the buyer is responsible, may be added to the price of sold items. If so, this will be indicated on the item page.
Competing bid: During a sale, the auctioneer may be accepting competing bids for an item from various source.
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.
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.
Lot: An item or set of items for sale in an auction, lots are normally denoted by a "lot" number.
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