Auction Term
Underbidder
The bidder who placed the second-highest bid on a lot; the lot returns to them if the winning bid falls through.
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More auction terms
- Withdrawn LotA lot removed from the sale before it is offered.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.
- Auction StandThe raised platform or podium where the auctioneer stands to conduct the auction.
- Auction With ReserveAn 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.
- 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.