Absolute Auction: sale at public auction without reserve prices, owner confirmation or other impediments to immediate sale.
Additional: items or lots added to the auction.
Appraisal: independent valuation of an asset or groups or asset, merchandise, item or property.
Appraiser: one who performs an appraisal.
As Is, Where Is: condition or term, which describes the manner in which an item is sold.
Ask: the current price the auctioneer has proposed.
Auction Sale Manager: one who manages the conduct of the auction, advertising and other aspects of the auction.
Auctioneer: a certified or licensed person who conducts the sale of goods at auction.
Bid: an offer to buy at a specified price.
Bidder: person, organization, or entity that is making the BID.
Buyer’s Premium: a stated percentage above the sold price, which the buyer pays.
Confirmation (sold subject to): owner reserves the right to approve the final selling price.
Cut Bid: a bid offered by a bidder in between the bid and the auctioneer’s ask.
Estate Sale: sale of goods, property and items of household nature.
Final Bid Price: the price at which the last ASK and BID have met.
Foreclosure Sale: sale forced by the holder of a financial covenant.
In Entirety: sold as a group. Can be used at the beginning of an auction, or to mean or designate a group of lots during an auction.
Liquidation: the orderly process of selling assets or property through negotiation.
Lot: designation used by Auctioneer to group goods for sale. Can be a single item or groups of item.
Mortgage Sale: sale forced by the holder of a mortgage.
NAA (National Auctioneers Association): the national trade association, which guides the education, conduct, ethics and codes of members.
Price Discovery: the end result of the auction process. Also known as Market Value.
Privilege (with): the right to purchase similar items or lots in succession.
Public Sale: sale of goods to public, open to the public and advertised to the public.
Reserve (with): base price that an item must be sold above.
Secured Party (sale): sale by secured party who has enforced their rights under an existing financial agreement.
Seller Financing: financing offered to a buyer from the owner of the asset.
Standard Bid Increment: a set of standard increments to guide the increase in a bid at certain dollar values.
Terms: set of conditions upon which the items being auctioned are to be sold.
Types of Sales
Personal Property: tangible personal property
Collectibles: items, which form groups or collections
Household Goods: goods such as kitchen items, TV’s etc.
Automobile: provided they are running!
Machinery & Equipment: various types of M&E used in industry
Marine: boats, PWC/Jet Skis, accessories, rope etc.
Note: The above terms and definitions are interpretive only and are not intended to be legal, binding, or strict definitions or terms or procedures. For legal advice please contact a qualified attorney, accountant or financial professional. Any implied qualifications, definitions, advice, counsel or procedure is expressly denied.