Know
your auction lingo.
Below are some phrases you'll hear at auction and what they mean.
You're In
You are the current high bidder.
I have you at x number of dollars
You are the high bidder at the amount specified. This is
typically done when you bid and already have the bid.
You're Out
Someone else has the bid.
Lot
A lot is a number placed on the items normally indicating
the consigner or owner of the item. It is important for the
auctioneers records but of no importance as a buyer.
Box Lot
A group of items typically in a "box" or some
container.
"as is, where is"
This means the item is sold in the condition that it is
in. No warranty, no returns.
Proxy or Absentee Bid
These are left with the auctioneer or their staff
(different auctioneers manage these differently) by bidders who
cannot attend the auction. They typically leave a minimum and
maximum bid on an item, and a designated auction worker bids for
them.
Buyback
A buyback occurs when the owner of the item buys it back
at auction. These are not usually known by the audience.
Buybacks are allowed by some auctioneers and not others.
Reserve
A reserve is a minimum bid on an item. If the item does
not sell for the "reserve" amount, it is not sold.
These are handled differently by auctioneers also. Some state
them upfront, some sell the item and if it doesn't reach the
reserve, they inform the high bidder with the option to buy at
the reserve price. If the buyer declines, the item is not sold.
Minimum
A minimum bid that will be accepted for an item.
Collusion
Collusion is actually against the law. Collusion is an unethical auction
practice done by buyers by making an agreement with other
bidders to not bid against them for whatever reason.
Request
Buyers may "request" that an item be brought
up to be sold prior to the end of the auction. Different
auctioneers handle this differently also - some charge for
requests, some don't do them at all, and some do them after a
certain amount of time. Keep in mind that good auctioneers have
a floor manager and a plan for how the items are sold. They are
more efficient and get through the entire auction much faster
without requests. How an auctioneer handles requests is usually
addressed in there opening comments.
Choice
Choice is used when similar items are sold. A ring
member may hold up 5 vases being sold by choice. The bid amount
is for one - buy you as the buyer may choose any or all of them
at that price.
By the piece or times the money
This is a typical method for selling sets of items such
as chairs. If four chairs were being sold by the each times four
or times the money, the bid price is for one chair however you
are buying all the chairs. For example if you are the successful
bidder on a set of four chairs being sold - by the each or four
times the money and you bid 20 dollars - you have purchased all
four chairs for a total of 4 * 20 or $80.
Buyers Fee (sometimes referred to as
premium)
This is a fee that is applied above the amount of the
sale. Some auctioneers use them and some do not. Simply take the
amount of your sale and add the buyers fee / premium % to determine
your total cost.
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