Auction Terminology

Auction Terminology

Auctioneer – The auctioneer is the coordinator of any auction event. They will stand at the front of a room during a sale. The auctioneer will work with the bidders to decide on the final sale price of any auction item.

Absentee bidder – An absentee bidder is an individual who bids at an auction while they are offsite. While auctions are a fun event, some people cannot attend. To ensure they have a chance to bid on the items they like, they can choose to place an absentee bid, wherein a member of the Joe R. Pyle Staff will bid in their stead.

Absolute auction – An absolute auction occurs when there is no minimum price restricting the sale of the property. Whether it is personal property or real estate, items that are sold absolute will go to the highest bidder on the day of sale.

As-is – All items sold at auction are As-is, meaning they are sold to the highest bidder regardless of condition. Accordingly, individuals can buy and sell unique items that may not fit a traditional real estate or retail market.

Auction lot – An auction lot is a single item or group of items that is sold as a unit.

Auction with reserve – While items sold absolute go the to the highest bidder, regardless of price, reserve auctions must meet a certain price – set by the seller – prior to being sold. Reserves allow the seller to liquidate their property while ensuring a fair sale price.

Bid – A bid signifies that an auction participant is interested in buying the item up for auction. To place a bid on an item, an individual must raise their bidder number. The participant with the highest bid price wins the item for sale.

Bidder number- A bidder number identifies each person participating in the auction. This number will allow us to track all items a participant had bid on, allowing for a simple and easy check out.

Buyer’s premium- A buyer’s premium is a fee attached to any item sold at auction. This small fee covers the operating costs of an auction without incurring undue strain on the seller.

Cashier- The cashier in a member of the Joe R. Pyle staff that helps customers settle their auction balance and receive their items. After a participant is done bidding for the day, they will simply check out with the cashier.

Catalog – The catalog is the collective list of the items sold on the day of the auction. Prior to the start of the auction, participants will receive a detailed auction catalog.

Clerk- A clerk is a Joe R. Pyle employee that helps the auctioneer facilitate a sale. The clerk records the winning bidder of an item, ensuring all items go to the right buyer.

Closing –A closing is the process of settling the sale of a piece of real estate. With Joe R. Pyle, most real estate closes within 60 days or less.

Hammer price – The Hammer price is the final sale price of an item.

Hybrid auction – A hybrid auction is a combination live and online auction. Hybrid auctions create the excitement of the auction while allowing people to participate all over the world.

Live auction – A live auction is exclusive to the auction site. Live auctions are an exciting event with in-person and absentee bidders.

Online auction – An online auction is a digitally hosted auction, which allows bidders to participate all over the world.

Personal property – Personal property is an all-inclusive term that refers to items sold that are not real estate. A personal property sale may include anything from guns and jewelry to antique books.

Preview (showing)- Prior to a sale, there is often a preview or showing, providing a time for participants to view the items in which they are interested.

Ringman – A ringman is a Joe R. Pyle employee who works with the auctioneer to detect the bids of participants. Once the ringman sees that a participant has bid, they will call out with a “YEP,” ensuring that the participant’s bid is not missed.

Sale day- The sale day is the actual day of the auction.