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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.