Auction terminology
Common auction terms explained in plain language.
A
- Absentee bid A bid placed before the auction by a buyer who cannot attend.
- Absolute auction An auction without a reserve, where the highest bid wins.
- As is Sold in its current condition, with all its faults.
- Auction by candle A historical auction that closed when a candle burned out.
B
- Bid acknowledgement A short record the winning bidder signs to confirm a purchase.
- Bid increment The minimum amount by which a new bid must exceed the current one.
- Bidder's choice A sale where the highest bidder picks from a group of similar items.
- Buyer's premium A surcharge the buyer pays on top of the hammer price.
C
- Catalogue The published list of the lots in a sale.
- Catalogue listing The description of one lot in an auction catalogue.
- Consignor The seller who entrusts goods to an auction house.
D
- Droit de suite The artist's right to a royalty when their work is resold through the art market.
- Dutch auction An auction where the price starts high and drops until someone accepts.
E
- English auction The familiar rising-price auction, where the highest bid wins.
F
- Fair warning The auctioneer's last call before the hammer falls.
H
- Hammer price The winning bid at which the auctioneer brings down the hammer.
L
- Lot A single item or group of items sold as one unit.
O
- Opening bid The amount at which bidding on a lot starts.
P
- Paddle The numbered card or bat a registered bidder raises to bid.
- Proxy bid A maximum bid the system executes automatically on your behalf.
R
- Reserve price The confidential minimum price at which a lot will sell.
S
- Sealed bid auction An auction where each bidder submits one private bid before a deadline.
T
- Timed auction An online auction that closes at a set time, without a live auctioneer.
