Auction jargon can often be confusing, so we’ve compiled a glossary to help you understand auction terminology and the numerous auction types that exist. You’ll find a brief, comprehensible definition for each of the terms below:
- Absentee bid/proxy bid
- Absolute bid/jump bid
- Appraisals and estimates
- Autobid
- All-pay auction
- Ascending auction
- Buyer’s premium
- Buyout auction
- Candle auction
- Chinese auction
- Combinatorial auction
- Consignor
- Decrement
- Descending auction
- Dutch auction
- End time
- English auction
- First price auction
- Increment
- Japanese auction
- Minimum bid
- Multiple unit auction
- No reserve auction/absolute auction
- Open auction
- Opening bid
- Outbid
- Overtime bidding/extended bidding
- Penny auction/bidding fee auction
- Reserve auction
- Reserve price
- Reverse auction
- Sealed bid auction
- Sealed first price auction
- Second item auction
- Second price auction
- Silent auction
- Single unit auction
- Shading
- Shill bidding/dummy bidding
- Sniping
- Terms and conditions of sale
- Traditional Dutch auction
- Uniform price auction/commodity auction
- Vendor’s commission
- Vickrey auction
- Winner’s curse
