Key Auction Terms
The public sale of property to the highest bidder.
The amount a prospective buyer offers to pay for a property at auction.
The minimum price that a seller is willing to accept for a property. If the bidding does not reach this price, the property will not be sold.
An additional percentage of the winning bid, paid by the buyer to the auction house.
The final accepted bid amount before any additional fees or premiums are added.
A bid placed by someone who cannot attend the auction in person. This can be done via online platforms or by proxy.
The minimum amount by which a bid must increase over the previous bid.
A warning given by the auctioneer indicating that the bidding is about to close.
An individual item or group of items offered for sale at auction as a single unit.
An auction in which the property is sold to the highest bidder without any minimum price set.
The first bid placed, often set by the auctioneer to start the bidding process.
The person who places the highest bid accepted by the auctioneer when the auction closes.
A unique identifier assigned to each registered bidder.