Auction Terms & Definitions for Fundraising Auction - Guide

Auction Terms Definitions:

Absentee Bids
Participating and bidding on an item at auction without actually attending the auction. This is done by submitting an ‘absentee bid’ which is accepted by the auctioneer prior to the auction starting.

Absolute Auction
This is a highest bidder win auction without reserve prices in place.

American Auction
An Auction which has several items offered at the same price, and the highest bid for the most items wins the overall bidding..

Appraisal
Generally an independent ‘value’ assessment of the item being auctioned.

Auctioneer
The person who conducts the auction. The person who controls the auction activity.

Catalog Auctions
An auction that is physically removed from where the auction items are located. Viewing the auction items would take place prior to the auction event.

Dutch Auction
An auction where the seller has listed multiples of the same item. All winning bidders pay only the lowest successful winning bid amount.

Hammer Price
The winning price of the item.

Private Auction
Bidder identities are not disclosed.

Proxy Bidding
A confidential maximum bid given to the auction. The auction will increase bidding to maintain the proxy bid. Proxy bidding will stop either when the proxy bid has won, which is when there are no more challengers, or when the limit of the proxy bid has been reached.

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

Yankee Auction
An auction where a seller has listed multiples of the same item. Each winning bidder pays their exact high bid.