Terms Explained Absentee Bids This
is when a prospective buyer places a bid on an item without attending
the sale. The bid is submitted prior to the auction by whatever means
the auctioneer has stipulated
Absolute Auction The highest bidder without any limitations or reserve prices being imposed wins absolute auctions
American Auction This type of auction has a number of items offered at the same price; the highest bid for the most items wins the bidding
Appraisal When
an item is valued or confirmed by an auctioneer it is known as an
appraisal. The person doing appraisals may also be known as an appraiser
Auction A public sale of goods or property in which prospective purchasers bid until the highest price is reached
Auctioneer The person who conducts an auction sale
Auction House Usually refers to auctioneers who hold auctions at their own premises. The company is referred to as an auction house
Bid The amount someone offers to pay for something
Catalogue Auctions These
auctions are usually held in a location different to where the actual
goods for auction are kept. Viewing of the goods will have taken place
prior to the auction
Dutch Auction An auction where a seller
has listed multiples of the same item. All winning bidders pay only the
lowest successful winning bid amount
Hammer Price The price reached by the auctioneer when the hammer or gavel is dropped. Once the Gavel drops the bid becomes a legal agreement with you and the auction house and cannot be reversed so please ensure you have the funds to buy the item
On Site Auctions Sometimes
it may not be cost-effective or practical to transport surplus or
liquidated goods from the company's premises to an auction house (for
instance where large items of fixed plant and machinery are involved).
Under these circumstances, the auction will be held "on site" at the
company's premises.
Online Catalogue This is when the catalogue is made available for download or viewed directly from the Internet. This form of auction is becoming the norm. due to the lower cost associated with an online sale.
Opening Bid The first offer made to the auctioneer during an onsite auction. Online auctions normally have a figure set and then several buyers will bid on different items at the same time.
Minimum Bid or (Reserve price) The smallest offer which the auctioneer or seller will accept. To be successful you must bid higher than the minimum bid.
Private Auction Bidders identities are not disclosed in this type of auction
Proxy Bidding Submitting
a confidential maximum bid to an auction service. The auction will
automatically increase the bid to maintain the high bid. The proxy
bidding will stop when the bid has won the auction or reached the limit
of the proxy bid
Reserve Auction The seller has set a minimum
(reserve) price for the lot and can decide whether to accept or refuse
a bid. The reserve price may not be disclosed
Sealed Bid Used in sales by tender, rather than auction. Confidential bids are submitted and opened only at a predetermined place and time
Yankee Auction An auction where a seller has listed multiples of the same item. Each winning bidder pays their exact high bid
|