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www.TexasAntiqueMall.com CompendiumAUCTION GLOSSARY | |
| Auction | - a public or private sale in which items are sold to the highest bidder. |
| Bidding | - the act of placing an offer (bid) to buy at a specific price the item or box lot that is being offered at an auction. Placing a bid is a contract to honor the bid. |
| Buyer's Premium | - an additional charge added to the final bid price. Sample: If the Buyer's Premium is 10% and you won a $100 bid, your Buyer's Premium would be $10.00 ($100 x 10% = $10) which means you would owe $110.00 at check-out. |
| Increment | - minimum amount by which a bid can be increased. The increment is set by the auctioneer. Sample: Should an item have a bid of $10 with an established increment of $1, you must bid at least $11 in order to be the top bidder. |
| Lot | - a single item or a group of items sold as a single unit for one price. |
| On-line Auction | - an auction conducted on the Internet. |
| Opening Bid | - the dollar amount that begins the auctioning of an item or lot. |
| Reserve Price | - The price at which the Auctioneer is obligated to sell the item or lot. Reserve prices are typically set by the seller and act to protect the seller's financial interest. If the Reserve Price is not met, the item is not sold. |
| Times the Money | At some auctions conducted by an auctioneer, a lot can be described as above OR as one price "times the money" with a minimum purchase quantity. Listen to the auctioneer's instructions to be sure. Sample: the auctioneer may sell a minimum quantity of 5 units ("you must buy a minimum quantity of 5") for a winning bid of $10.00 "times the money." This means a winning bid would be $50.00 or $10(winning bid) x 5(minimum number of items). |
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