Auction terminology

• Absentee bidder
• Absolute auction (No reserve auction)
• As Is
• Auction by candle
• Auto bids
• Bid Increment
• Bid acknowledgment (Memorandum)
• Bidder’s Choice
• Buyer's Premium
• Catalog (or brochure)
• Catalog listing
• Consignor
• Droit de Suite (Artist Resale Right)
• Dutch auction
• English auction
• Fair Warning
• Hammer Price
• Lot
• Opening Bid
• Paddle
• Proxy Bid
• Reserve Price
• Sealed bid auction
• Timed (online) auction