Auction Term
Bid
A legally binding offer to purchase a lot at a specified price.
Keep learning
More auction terms
- 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.
- Floor BidA bid placed in the room by someone attending the auction in person.
- Hammer PriceThe final bid accepted when the auctioneer’s gavel falls, before buyer’s premium and applicable tax.