Auction Term
Passed Lot
An item that does not meet its reserve price and remains unsold at auction.
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More auction terms
- Reserve PriceThe confidential minimum price a seller will accept; if bidding does not meet it, the item may be withdrawn.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.
- Withdrawn LotA lot removed from the sale before it is offered.
- Absentee BidA procedure allowing a bidder to submit a maximum bid without being physically present; the auctioneer executes the bid up to that amount.
- Absolute Auction (Auction Without Reserve)An auction where property is sold to the highest bidder without any minimum reserve price; the seller cannot bid in the auction.
- AuctionA public sale in which goods or property are sold to the highest bidder through open and competitive bidding.