The Lloyds Auctions Dictionary
We are an auction house and our business is the fun, fair and competitive nature of auctions!
We will help you become an expert on auction terminology.
An auction is a public sale where items are sold. A lot is an item or group of items within an auction, and a lot is sold to the person with the highest bid (offer of money).
There is a time frame for bidding to take place and you must place your bid before the lot (item in an auction) closes.
Traditionally, bidders would gather in person in front of an auctioneer who would call out the lots one at a time and take bids from the audience. These days, our auctions are online which makes them accessible for everyone across Australia or around the world!
Bids are taken on our website and must be placed before the closing time. If someone bids within the last 15 seconds of a lot’s closing time, the time will extend giving everyone else a chance to bid again.
We know this might sound overwhelming, that’s why the first lot of our online auctions is an ‘L’ plate where online auction learners can practice their bidding on an imaginary lot. Don’t worry, you aren’t actually bidding for real, just practicing!
We have also created the Lloyds Auction Dictionary so you can easily translate anything you may not understand!
Absentee Bid – A method of bidding for those who cannot bid online. Talk to our friendly Customer Service Team to find out more!
As Is – Almost all items for sale at auction is offered “as is,” meaning that the item will not be changed in any way upon sale.
Bid – A potential buyer’s offer that they will pay to purchase an item at auction. Bids are made in standard increments established by us.
BDM – Business Development Manager who is someone who looks after our vendors from go to woah!
Buyer’s Premium – The buyer’s premium is an additional charge on top of the winning bid amount that must be paid by the winning bidder. Double check the auction details because buyer’s premium can vary from lot to lot!
Collection – Usually you have about three days to pick up your items you have won but vary from auction to auction. You will find this information on the Auction Details page.
Consignment Number – Is a unique serial number given to each item that registers it to be sold in our system. This will be in the format XXXXXX + X and will never change.
Catalogue – where you can browse all the lots in every auction on a computer, tablet or phone. There will be photos of each lot and a written description for them too.
Customer Number – sometimes known as a Bidder’s Number or Customer ID it is a unique number associated with your account. Think of it as an electronic version of the bidder number paddles!
In Contention – If you see that your bid is in contention when the lot closes, it means you were the highest bidder. Great work! You will receive an email letting you know if the reserve price has been met and the item has been won or if your offer is being referred to the vendor.
Hammer Price – The final price the lot sold for not including the Buyer’s Premium
Inspection – when the items are available for the public to inspect in person prior to bidding.
Lot – An item or group of items being auctioned together. They will be given a lot number which signifies the order it will appear in the auction.
Online Viewing Only – the items aren’t available to inspect in person. Remember to always bid what you are comfortable with!
Outbid – When another bidder has put in a higher bid than yours!
Maximum Bid – In the online Bidding Centre, you enter the highest price you would want to pay for a particular lot. This is not revealed to other bidders and it will automatically bid in increments (starting with the minimum bid required for the lot) against any other bids placed up to your maximum bid value.
Referred to Vendor – If you have a referred bid it means you were the highest bidder on a lot when it closed but the reserve price has not been met and therefore, the lot has not been sold just yet.
Reserve – A reserve price is an amount of money the vendor (seller) wants for their item in return.
Seller’s Commission – A small fee paid by the vendor which is deducted from the hammer price.
Settlement – when an item is paid for and there is no outstanding money owed your account will be settled.
Starting bid – The minimum amount you can bid on an item. Ours is usually only $1, so everyone can afford to join the fun!
Traditional Auction – An auction that is conducted in front of a live audience at a physical location where the items for sale are located.
Valuer – A qualified valuer can tell you what your item is worth.
Vendor – The person selling their items at auction.
Under The Hammer – When there is a traditional live auction, the auctioneer holds a hammer or gavel and when the lot has sold, he will hit the podium with his hammer to signify this. Now it has become a phrase to signify something is being sold through auction.
Unreserved – If an item is unreserved it will sell for whatever the highest bid is. We often have entire auctions that are unreserved, so keep an eye out for them!
Watchlist – Under the My Account tab on lloydsonline.com.au you can see the lots you have saved to your watchlist (that you may want to bid on in the future) and your bidding history for easy reference!
We drop the hammer on over 33,000 items every week! We bring big brands, surplus stock, salvaged or superseded items, rare and premium products to market.
And the best part? A lot of the time, prices are decided by you!
Lloyds Auctions hold over 35 online auctions a week that all have their own titles, for example, Super Sunday, Passenger and Commercial Vehicles, or Fine Jewellery.
Some auctions (like our weekly Hospitality & Catering auction) are a permanent weekly or fortnightly occurrence, and some are one-off auctions for specialty goods.
Our Queensland and New South Wales auction rooms alone, are some of the largest in Australia. We boast a total of 28,000 sqm of fully fenced property which is constantly filled with our confident vendors’ stock and assets, so come down and check us out today!
Looking for additional support? Have questions you need answered?
Our support staff are here to help you, simply click on an icon below to get in-touch with us.