Auction Terms:

Appraisal
When an item is valued or confirmed by an auctioneer it is known as an appraisal. the person doing appraisals may also be known as an appraiser

Auction
A public sale of goods or property in which prospective purchasers bid until the highest price is reached

Auctioneer
The person who conducts an auction sale

Auction House
Usually refers to auctioneers who hold auctions at their own premises. The company is referred to as an auction house

Bid
The amount someone offers to pay for something

Hammer Price
The price reached by the auctioneer when the hammer or gavel is dropped

Online Catalogue
This is when the catalogue is made available for download from the internet

Opening Bid
The fist offer made to the auctioneer

Minimum Bid
The least or smallest offer which will be accepted by the auctioneer. To bid successfully you must bid higher than the minimum bid in most cases

Reserve Auction
The seller has set a minimum (reserve) price for the lot and can decide whether to accept or refuse a bid. The reserve price may not be disclosed