Auction Term
Auction
A public sale in which goods or property are sold to the highest bidder through open and competitive bidding.
Keep learning
More auction terms
- Auction StandThe raised platform or podium where the auctioneer stands to conduct the auction.
- Auction With ReserveAn auction where the seller sets a confidential minimum price; the seller may accept or decline the highest bid if it does not meet that price.
- AuctioneerThe individual who conducts the auction, announces the bids, and manages the sale.
- BidA legally binding offer to purchase a lot at a specified price.
- Bid IncrementThe predetermined amount by which a new bid must exceed the previous bid.
- Bid LimitA ceiling placed on a new or unverified bidder’s total bidding, which can be raised on request after review.
- BidderThe person or entity making bids at an auction.
- Bidder NumberThe unique number assigned at registration that identifies a bidder’s purchases throughout the sale.