Auction Term
Live Auction
A sale in which an auctioneer offers lots one at a time in catalog order until each is hammered down, as opposed to a timed online sale that closes on a clock.
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More auction terms
- Maximum (Proxy) BidThe highest amount a bidder authorizes in advance; the platform bids on their behalf in increments only as far as needed to stay in the lead.
- Opening BidThe first bid accepted by the auctioneer, which starts the bidding process.
- PaddleA numbered card used by bidders to signal bids to the auctioneer.
- Passed LotAn item that does not meet its reserve price and remains unsold at auction.
- Reserve PriceThe confidential minimum price a seller will accept; if bidding does not meet it, the item may be withdrawn.
- Telephone BidA bid placed through a phone call with an auction house representative during the auction.
- Timed AuctionAn online-only format where each lot closes at a set time, often with bidding extensions; Austin Auction Gallery sells live rather than timed.
- UnderbidderThe bidder who placed the second-highest bid on a lot; the lot returns to them if the winning bid falls through.