AUCTION TERMS
Terms USED
AUCTION: A sale where goods or property are offered to the Public for the highest accepted bid.
LIVE AUCTION: A live, in person offering of goods or property to the public.
ONLINE AUCTION: Goods are offered online only, without live bidders. This is usually a TIMED event.
LIVE/SIMULCAST AUCTION: Goods are offered in real time to online bidders and to a live in person crowd with bidding accepted from both at the same time.
AUCTIONEER: An Agent for the Seller who invites the bidding at certain increments, keeps you informed as to what amount the bid is at, and has the final word on when an item is declared "sold".
RING MAN/AUCTION MANAGER: A person who assists an auctioneer by spotting bids and signaling the information to the auctioneer, possibly deliver items to the winning bidder, and brings more items to the auction block. The Auction Manager keeps the fast paced flow of items coming in the right order if cataloged.
TICKET CLERKPerson who records all auctioned items sold or passed, the final bidders' number and the high bid, so the auctioneer will have a record and you'll have a receipt. Many Auctioneers audio / video tape their auctions so if there is any problem they can run back the tape and find the discrepancy.
REGISTRATION/CASHIER CLERKPerson who registers your name, makes sure that you know the terms & conditions of the sale and gives you a bidder number, adds up your bill, and gives you a receipt after you pay.
CHOICE IN LOT OR TIMES THE DOLLAR AMOUNT FOR MORE THAN ONE ITEM IN A LOTChoice - You can Bid on one choice item in a group of items, the high bidder can take any item or items, each at the high bid price. 2X$ - 2 wingback chairs - these will be sold together, but priced at 2 times the high bid.
ABSENTEE BIDA Bid submitted prior to or during the auction in writing or email by a bidder not in attendance. Registration for the auction and purchase guarantee (credit card) will be accomplished before the auction. Winning bidders will be notified by the Cashier ASAP after the auction. ABSOLUTE Items are sold to the highest bidder, regardless of price. RESERVEthe "Minimum Price" wanted at auction by the Seller. If the item does not meet the "Reserve", it will be passed. CONSIGNMENTAn agreement between a Seller and the Auction company to offer the Seller's items to the Public in an auction setting.
RING MAN/AUCTION MANAGER: A person who assists an auctioneer by spotting bids and signaling the information to the auctioneer, possibly deliver items to the winning bidder, and brings more items to the auction block. The Auction Manager keeps the fast paced flow of items coming in the right order if cataloged.
TICKET CLERKPerson who records all auctioned items sold or passed, the final bidders' number and the high bid, so the auctioneer will have a record and you'll have a receipt. Many Auctioneers audio / video tape their auctions so if there is any problem they can run back the tape and find the discrepancy.
REGISTRATION/CASHIER CLERKPerson who registers your name, makes sure that you know the terms & conditions of the sale and gives you a bidder number, adds up your bill, and gives you a receipt after you pay.
CHOICE IN LOT OR TIMES THE DOLLAR AMOUNT FOR MORE THAN ONE ITEM IN A LOTChoice - You can Bid on one choice item in a group of items, the high bidder can take any item or items, each at the high bid price. 2X$ - 2 wingback chairs - these will be sold together, but priced at 2 times the high bid.
ABSENTEE BIDA Bid submitted prior to or during the auction in writing or email by a bidder not in attendance. Registration for the auction and purchase guarantee (credit card) will be accomplished before the auction. Winning bidders will be notified by the Cashier ASAP after the auction. ABSOLUTE Items are sold to the highest bidder, regardless of price. RESERVEthe "Minimum Price" wanted at auction by the Seller. If the item does not meet the "Reserve", it will be passed. CONSIGNMENTAn agreement between a Seller and the Auction company to offer the Seller's items to the Public in an auction setting.
TERMS & CONDITIONS
This is the most important information about the auction to know. It includes info on registration, preview, condition, payment, pickup, shipping, legal announcements an other important things you need to know. Each auction is different. ALWAYS know and understand the terms before you bid.