subject: Several Auction Nouns People Must Know [print this page] Auction seems more popular among people recently, and variety auctions are held in different places. But if the people first join in an auction meeting, some nouns may strange for them. Therefore, make full preparation before going to take part in.
1. Lot
A single goods or a set of goods sell at an auction.
2. Lots offered without reserve
"Lots offered without reserve" will be offered for sale without reserve. The people who bid for the highest price can gain it. There is no link between knock-down price and the estimates of auction catalog.
3. Pre-auction Viewing
The auction lots will be arranged to have a free public exhibition before the auction. Prospective buyers can obtain a copy of the "Lot" information, view and inspect it. They also can make an appointment with the auction experts to consult.
4. Estimates
Estimates base on the recent market quotation of the similar goods, and to consider the status, rarity, quality and origin of the items to draw up.
5. Reserves
Reserves is the minimum selling price which confirmed by the seller and does not public to people, so that the auction items will not be sold if their price lower than reserve price.
6. Hammer Price
Auctioneer decides "Lots" which sale to a buyer with price when knocks the table with the hammer in auction. It excludes buyer's commissions.
7. Bidder Registration
Prospective buyers should register check-in and obtain bidding number before the auction is held.
8. Absentee Bids
If a prospective buyer can not or do not want to personally participate in bidding of the auction, he can take the measure of "Absentee Bids". Only to complete a bid form and let the auction representation to bid before the auction is held.
9. Telephone Bids
Prospective buyers within 24 hours before the auction will do a pre-register with suction. The staff of auction will contact bidders depend on the real time, and who can bid through the phone.
10. BI
If there is a "Lot" that has no buyers or its auction price doesn't meet the auction reserve price, we call this BI which means auction "Lot" will be returned to the seller.
11. Buyer's Premium
After an auction is completed, the buyer and auctioneer shall sign a deal conclusion letter and auction house will charge to the buyer for services. This price pluses hammer price together to a deal sum.
