Auction Terms

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Absentee Bid: Bid taken by the auctioneer for a non-attending bidder.

Absolute: Items are being sold without a reserve.

All One Money: Bid amount is total paid for all items in the lot.

Buyer’s Premium: Additional auctioneer commission payable by the buyer.

Catalog: A descriptive list of items being sold.

Choice: Bid price is on any item in the lot; bidder may take one or more items at that price for each.

Hammer Price: Price bid before taxes and/or buyer’s premium.

Lot: An item or items sold at auction.

Reserve: Lowest amount a seller will accept for an item.

Ringman: A person that helps the auctioneer take bids.

Times the Money: Buyer pays Bid amount times the number of items.