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Auction Terminology
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Auction terminology
- Appraisal
- Auction block
- Bid
- Buyer's premium - fee paid by the buyer to the auction house
- Buyout price
- Commission
- Consignee
- Consignor
- Dummy bid
- Dynamic closing
- Escrow
- Hammer price - nominal price at which a lot is sold; on top the buyer pays buyer's premium and taxes
- Increment
- Job lot
- Knocked down to
- Lot
- Minimum bid
- No reserve
- Outbid
- Opening bid
- Proxy bid (aka absentee bid)
- Registration deposit
- Relisting
- Reserve price
- Sniping
- Vendor
- Vendor bid
