Auction Glossary

28 essential auction terms explained in plain English.

Absentee Bid
A bid placed before the auction by a bidder who cannot attend. Also called a commission bid or left bid.
Buyer's Premium
A percentage charge added on top of the hammer price, paid by the buyer to the auction house. Typically 18-28% plus VAT.
Catalogue
The list of lots for sale at an auction, often with descriptions, estimates, and condition reports.
Chattels
Movable personal property (as opposed to real property/land). Includes furniture, art, vehicles, and other goods.
Commission Bid
See Absentee Bid. The auctioneer bids on your behalf up to your maximum.
Conditional Sale
A property auction where the sale is not legally binding at the fall of the hammer. The buyer has a period (usually 28 days) to exchange contracts.
Estimate
The auction house's prediction of the likely selling price. Usually given as a range (e.g. £5,000-£7,000).
Fall of the Hammer
The moment the auctioneer's gavel strikes, confirming the sale to the highest bidder.
Guide Price
An indication of the seller's minimum expectation. In property auctions, the guide price must be within 10% of the reserve.
Hammer Price
The final price at which a lot is sold, before buyer's premium and VAT are added.
Knocked Down
When a lot is sold to the highest bidder. 'Lot 42 was knocked down at £12,000.'
Lot
An individual item or group of items offered for sale as one unit.
Maiden Bid
The first bid in an auction for a particular lot.
Online Bidding
Bidding via the internet in real-time during a live auction, or in timed online-only auctions.
Paddle
The numbered card or device used to identify bidders in the saleroom.
Provenance
The history of ownership of an item, which can significantly affect its value.
Reserve
The minimum price the seller will accept. If bidding doesn't reach the reserve, the lot goes unsold (bought in).
Right to Bid
In property auctions, the seller may reserve the right to bid through the auctioneer. This must be declared.
SDLT
Stamp Duty Land Tax — the tax paid on property purchases in England and Northern Ireland. Rates vary by price and buyer status.
Saleroom Notice
An amendment or update to the catalogue issued before or during the auction.
Telephone Bid
A bid placed by phone during the auction, with an auction house representative bidding on your behalf in real-time.
Timed Auction
An online-only auction where bidding is open for a set period (often 7-14 days), similar to eBay.
Unconditional Sale
A property auction where contracts are exchanged at the fall of the hammer. The buyer must complete within 28 days (usually).
Unsold / Bought In
A lot that fails to reach its reserve price and is not sold.
Vendor
The seller of a lot at auction.
Viewing
An opportunity to inspect lots before the auction. Essential for property and high-value items.
Withdrawn
A lot removed from the auction before sale, by the seller or auctioneer.