A
Absentee Bid
A bid placed by someone who cannot attend the auction. The auctioneer executes the bid up to
the maximum amount authorized by the bidder.
Absentee Bidder
A person or entity submitting an absentee bid, whether or not they are physically present at the
auction site.
Absolute Auction / Auction Without Reserve
An auction where the property sells to the highest bidder with no minimum, no reserve, and no
seller bidding allowed.
Accounting of Sale
A financial report issued to the seller detailing proceeds, fees, and expenses after the auction.
As Is, Where Is
Indicates the item is sold without warranties, and the buyer accepts it in its current condition and
location.
B
Bid
An offer to purchase a lot at a specified price.
Bid History
A record of all bids placed on a lot.
Bidder Number / Paddle
The unique number assigned to a bidder for identification during bidding.
Buyer’s Premium
A fee added to the hammer price, paid by the buyer, usually a percentage of the winning bid.
Buy Now / Make Offer
Options allowing a buyer to purchase immediately or negotiate outside the bidding process.
C
Catalog
A printed or digital guide provided by the auction company that lists and describes the items
being sold. A catalog helps bidders understand what is being offered, how items are grouped into
lots, and whether quantities are sold as one bid or per piece. It allows bidders to follow the sale
more easily and avoid missing items of interest. Auction staff can explain any differences in lot
structure, and the catalog serves as a valuable reference throughout the auction.
Commission
The fee charged to the seller by the auctioneer for providing services, usually a percentage of the
gross selling price of the property. This fee is established by contract (the listing agreement) prior
to the auction.
Consignor
The individual or entity that owns the items being sold and authorizes the auctioneer to sell them.
E–H
Gavel / Hammer
The tool used by the auctioneer to signal the close of bidding.
Hammer Price
The final bid accepted by the auctioneer when the hammer falls.
Increment
The minimum amount by which a bid must increase.
Inspection / Preview
A scheduled time for bidders to examine items before bidding.
I
If Bid / Confirmation Bid
A provisional high bid that requires direct approval from the consignor before it becomes a
binding sale. When the highest bid does not automatically meet the seller’s expectations or
predetermined threshold, the auctioneer must contact the consignor for confirmation. The lot
is only considered sold once the consignor approves the bid.
L–P
Lot
An individual item or group of items offered for sale as a single unit.
Opening Bid
The first bid accepted by the auctioneer to start the bidding.
OnSite Auction
A live auction conducted at the physical location of the assets.
Payment Terms
The required method and timeline for payment after winning a lot.
Pickup / Removal
The process and timeline for buyers to collect purchased items.
Provenance
The documented history of ownership of an item (more common in art/collectibles).
R–T
Reserve Price
The minimum price the seller is willing to accept. If not met, the item may not sell.
Ringmen (Bid Spotters / Bid Assistants)
Professionals who work the auction floor to spot bids, communicate bidder interest, and
energize the crowd. Ringmen act as the auctioneer’s eyes and ears in the crowd, relaying bids
through hand signals or verbal cues and helping maintain momentum and clarity during
fastpaced bidding.
Seller’s Commission
The fee charged to the seller, usually a percentage of the hammer price.
Soft Close / AntiSnipe
A feature in online auctions that extends the closing time if a bid is placed near the end.
Terms & Conditions
The legally binding rules governing participation, bidding, payment, and removal.
Topper Truck
A pickup truck equipped with a topper (cap) covering the bed. In auction contexts, topper trucks
are often sold asis and may be used for hauling tools, equipment, or personal property. The
topper provides enclosed storage and protection from weather, making the vehicle more versatile
for work or transport.
U–Z
Withdrawal
The removal of a lot from the auction before bidding begins.
Winning Bidder
The highest bidder acknowledged by the auctioneer.