Unreserved: The property or item will sell to the highest bidder regardless of price, no minimum sale price applies. The seller is committed to sell on the day.
On the market: An auctioneer’s announcement during bidding that the current bid has met or exceeded the reserve price, the item will now sell to the highest bidder.
Expressions of interest: A sales method where interested buyers submit written offers by a set deadline. Not a traditional auction, the seller reviews all offers and negotiates with preferred parties.
Reserve: The confidential minimum price a seller is willing to accept. If bidding does not reach the reserve, the seller is not obligated to sell.
Passed in: When bidding closes without reaching the reserve price, the item is “passed in”, meaning it did not sell at auction. The highest bidder typically has first right to negotiate after the auction.
Under the hammer: The moment the auctioneer brings down the gavel (hammer) to signal the final bid has been accepted and a binding sale is made. Refers to any item being auctioned or sold.
Buyer’s premium: An additional fee charged to the buyer on top of the winning bid price, expressed as a percentage. It is the buyer’s contribution to the auction house’s commission.
Live auction: An auction conducted in real time, either in person, online, or both simultaneously, where bidders compete live against each other as the event unfolds.
- Simulcast Auction: a live auction conducted simultaneously across multiple platforms at the same time, typically combining an in-room (physical) audience with online bidders participating remotely in real time.
- Live host: A presenter or MC who facilitates a live (often online or hybrid) auction event, managing the pace, engaging bidders, and coordinating between in-room and remote participants.
- Lot: A single item or group of items offered for sale as one unit in an auction. Each lot is assigned a number and sold individually in sequence.
- Withdrawn: A lot that has been removed from the auction before it goes to sale, typically by the seller or auctioneer, and will not be offered on the day.
If you would like more help or information, just click below to contact our friendly team.
