Auction Term
Auction With Reserve
An 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.
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More auction terms
- 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.
- Buy-InA lot that fails to reach its reserve and is retained by the consignor rather than sold.
- Buyer’s PremiumAn additional percentage of the hammer price that the buyer must pay on top of the final bid.