Term: Opening Bid

"Opening Bid" in auction terminology refers to the initial price set for an item when the auction starts. This is the minimum amount that must be offered by a bidder to participate in the bidding process. The opening bid is typically determined by the auctioneer or the seller and is often set lower than the actual value of the item to encourage bidding. It acts as a starting point for the auction and can influence the overall dynamics of the bidding process. A well-set opening bid can create interest and competition among bidders, potentially leading to higher final sale prices.