Auction Term
Bid Increment
The predetermined amount by which a new bid must exceed the previous bid.
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More auction terms
- 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.
- Knocked DownDeclared sold; the moment the auctioneer’s hammer falls and the lot is awarded to the highest bidder.