The words used across this site, grouped by the part of a sale they belong to.
A glossary of auction terms.
These are the meanings the trade gives them, and the meanings the software uses.
Glossary
Four groups: the lot itself, the bidding, the money, and what happens once the sale has closed.
See the systemThe terms, in four groups.
The lot
- Lot
- One item, or a group of items, sold as a single unit.
- Lotting
- Assigning items to lots and putting them in sale order.
- Withdrawn
- A lot taken out of a sale before it closes.
- Dispersal
- The sale of a whole estate or business in one event.
Bidding
- Timed sale
- A sale where lots close at set times rather than being called by an auctioneer.
- Proxy bid
- The most a bidder will pay, bid up on their behalf as others bid against them.
- Absentee bid
- A bid left with the house before the sale opens.
- Bid increment
- The step by which the next bid has to rise.
- Soft close
- A rule that extends a lot's closing time when a bid lands near the end.
The money
- Hammer
- The winning bid, before anything is added to it.
- Buyer's premium
- A percentage added to the hammer and paid by the buyer.
- Seller's commission
- The percentage of the hammer the house keeps.
- Reserve
- The lowest price the seller will accept for a lot.
- Passed
- A lot that did not meet its reserve and did not sell.
After the sale
- Consignment
- Goods placed with a house to be sold on their owner's behalf.
- Consignor
- The person whose goods are being sold.
- Settlement
- Paying the seller after the sale, net of commission and charges.
- Seller statement
- The document showing what a consignor's lots made and what was deducted.
Where this is up to
If your house uses a term differently, say so.
Going Once is being built with auction houses in southern Ontario, and the wording in the software should match the wording on a sale bill.