FAQ Category: 4. Auction terminology

Refers to the location that one auctioneer is selling at an auction that has multiple auctioneers selling at the same time.

Refers to the general area and time that an item is sold at an auction by an auctioneer.

Refers to a person or company that is licensed to professionally sell items at auction.

Refers to a person or entity who places an item or items with an auctioneer or auction company to sell at auction.

Refers to an item or items placed with an auctioneer or auction company to sell at auction on behalf of a seller who is referred to as the consignor.

Refers to the last bid on an item that will be used when the seller’s reserve price is not met. The seller can be contacted after the auction to see if they will accept the bid.  If the seller chooses to accept the high bid, the bidder will be given the opportunity to purchase the … Read more

Refers to the price that a consignor puts on an item to prevent it from selling for less than what he wants to get for it. The consignor may remove the reserve prior to the item being sold or may even agree to accept the high bid after the item is passed in the auction.

Absolute means that an item does not have a reserve or minimum bid price and will be absolutely sold to the highest bidder.