Glossary of Auction Terms

Absentee Bids: You can bid on an item without attending an auction personally by submitting an "absentee bid". The bid is submitted on an item prior to the auction starting by whatever means the auctioneer has specified.
Absolute Auction: Absolute auctions are won by the highest bidder without any limitations or reserve prices being imposed
American Auction: This type of auction has a number of items offered at the same price, the highest bid for the most items wins the bidding.
Appraisal: When an item is valued or confirmed by an auctioneer it is known as an appraisal the person doing appraisals may also be known as an appraiser.
Auctioneer: The person who conducts an auction sale
Auction House: Usually refers to auctioneers who hold auctions at their own premises, the company is referred to as an auction house.
Catalogue Auctions: These auctions are usually held in a location different to where the actual goods for auction are kept. Viewing of the goods will have taken place prior to the auction.
Dutch Auction: An auction where a seller has listed multiples of the same item. All winning bidders pay only the lowest successful winning bid amount.
Hammer Price: The price reached by the auctioneer when the hammer or gavel is dropped.
On Site Auctions: If a company has gone into liquidation and its assets are to be sold at auction that auction sometimes will take place at the company site rather than at an auction house , this is done when it is not practical to transport the goods to the sale the goods are sold "On site".
Online Catalogue: The auctioneers often place details of the lots for auction on their website. This can be in HTML, i.e.. as a web page, or can be a file made available to you for download. ( Both a page of HTML and a file for downloading can be saved to disk on your machine for viewing off-line )
Private Auction: Bidders identities are not disclosed in this type of auction.
Proxy Bidding: Submitting a confidential maximum bid to an auction service. The auction will automatically increase the bid to maintain the high bid. The proxy bidding will stop when the bid has won the auction or reached the limit of the proxy bid.
Reserve Auction: The seller has set a minimum (reserve) price for the lot and can decide wether to accept or refuse a bid. The reserve price may not be disclosed.
Sealed Bid: Not a true auction. Confidential bids are submitted and opened only at a predetermined place and time.
Yankee Auction: An auction where a seller has listed multiples of the same item. Each winning bidder pays their exact high bid.

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