Auction
Terminology
SEIZED PROPERTY, DIVORCE SETTLEMENTS, BANKRUPTCIES, FORECLOSURES, ESTATES,
LUXURY REAL ESTATE DISPOSITIONS AND GENERAL ORDER MERCHANDISE DISPOSITIONS.
Antique
An antique refers to an object that is at least a century old.
“As Is”
Regarding an item’s condition, this term signifies that the seller offers the item without any warranties concerning its suitability. Buyers are responsible for inspecting items before purchase for their own safeguarding. Synonyms include “where is” and “in its current condition.”
Auction
A method of sale wherein items are presented to the highest bidder within a public setting.
Auction With Reserve
An auction in which the seller retains the prerogative to accept or reject bids within a stipulated timeframe. The disclosure of a minimum bid may be optional.
Auction Without Reserve
In this type of auction, merchandise is sold to the highest bidder without any minimum requirements or constraints. The seller is not permitted to place personal or agent bids.
Auctioneer
The designated individual engaged by the seller to oversee, direct, or manage an auction event.
Bid
An offer or indication of the price a prospective buyer is willing to pay for an item. Bids are usually structured in predefined increments set by the auctioneer.
Bid Note
A formal document executed by the highest bidder, affirming their identity, bid amount, and description of the item.
Bid Caller
Commonly known as the auctioneer, this person presides over the auction proceedings, recognizing bidders and confirming the highest bidder.
Commission
The fee charged by the auctioneer to the seller for their services, typically calculated as a percentage of the final sale price and outlined in the listing agreement.
Estate Sale
An auction that encompasses the personal and/or real property of an individual, whether living or deceased.
Hammer Price
The conclusive price reached through bidding, as agreed upon by the highest bidder and the auctioneer before the gavel descends.
Lithograph
An authorized replica of an original artwork crafted by either the artist or a skilled artisan. Often limited in number, the lithograph creation process involves transferring inked imagery from a treated plate onto paper.
Multi-property Auction
An auction showcasing a collection of properties concurrently promoted. Ownership of these properties may rest with a single seller or multiple sellers.
Reserve
The minimum price a seller is willing to accept for an item.
Tax Sale
A public sale triggered by nonpayment of property taxes.
Terms and Conditions
Sale stipulations that vary based on the auction and the type of items being sold. Standard conditions are typically listed on bidder cards.
Bookkeeper/Clerk
The individual responsible for auction-related accounting and administrative tasks.
Buyer’s Premium
An additional percentage added to the winning bid amount, serving to cover event expenses. This premium is calculated based on the bid price, with sales tax applied to the buyer’s premium.
Accepted Payment Methods
Accepted payment methods vary, commonly encompassing cash, cashier’s checks, personal checks, Visa, MasterCard, and American Express. Valid identification, such as a valid Driver’s License or other Government ID, is required for registration. Personal checks are generally accepted solely from recognized customers.
Tie Bids
When two or more individuals submit identical bids simultaneously. The auctioneer resolves tie bids.