A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A

Absentee Bid
Any bids placed by registered users before the start of the event. eBay Live Auctions will collect absentee bids up to the start of the sale. When the actual auction takes place, the winning Internet absentee bids are communicated to the auction house.

Appraisal
A formal written valuation for estate, tax or insurance purposes.

Ask Price
Price asked by the auctioneer from the bidding audience for a given lot. Usually, the amount equals the current price plus a pre-determined bid increment.

Auction house
Licensed commercial venue at which goods or property are sold in a format where intending buyers bid against one another for individual items. Each item is sold to the bidder offering the highest price.

Auctioneer
The person who conducts an auction.  The auctioneer introduces each lot offered for sale, acknowledges bids, and announces whether lots are sold or unsold and their final bid prices.

B

Bid
The offer to buy property at a specific price.

Bid increment
The amount by which the price of a lot is increased as potential buyers bid on it. Bid increments usually vary by price range. For example, if the current price for a lot is $1,000, the next bid amount may be $1,100, with a bid increment of $100. If the price is $10,000, the next bid amount may be $11,000, with a bid increment of $1,000. You can find the bid increment table to be used in an upcoming auction by visiting its catalog overview page.

Bidder
An individual or entity offering to purchase property at auction.

Buyer's Premium
Amount paid by the buyer to the auction house for every purchase in a live auction. This premium is usually a percentage of the final price of a lot. For example, if a bidder wins a lot at $1,000, they may have to pay an additional $100 (10% of the winning bid) to the auction house. You can find the buyer's premium percentages to be applied in an upcoming auction by visiting its catalog overview page.

C

Catalog
Group of lots to be auctioned during a live event. Generally, a catalog follows a theme, such as \"Contemporary Photography\" or \"Native-American and Tribal Art\". Often times in traditional auctions, bidders will purchase printed catalogs from the auction house.

Commission Bid
See Absentee Bid.

Condition Report
A written description of condition prepared as a service to prospective bidders upon request to the specialist department.

Consignor
The individual or entity on whose behalf the auction house is auctioning property.

E

Estimate
A preliminary estimate of the amount an item may sell for at auction.

F

Fair warning
A notice from the auctioneer that the auction is about to be closed for a particular lot. If you are still interested in buying an item and you see the \"Fair warning\" sign, hurry up and bid!

Feedback
An important eBay feature that allows users to instantly check the \"reputation\" or business practices of anyone at eBay. The Feedback Forum is a place where eBay users leave comments about each other's buying and selling experiences.

Floor bidders
Bidders participating offline in an auction. Offline bids can take the form of absentee bids placed in person or via fax, real time phone bids, or by a bidder physically present on the auction room floor during an event.

G

Gavel
The small mallet or hammer used by the auctioneer to signal the end of bidding on each lot.

I

Internet bidders
Bidders participating in an auction from the Internet. In other words, eBay users who bid online either before or during the live event.

L

Live bidding
Contrary to absentee bidding, real time bidding refers to bids placed by Internet or floor bidders when the live event is taking place. You don't have to be at the floor of the auction house to bid live - you can do that right from your computer using our real-time bidding technology. Browse the catalog for one of our upcoming sales and get ready to bid!

Location
Area from which most of the lots in a given catalog will be shipped to the winning bidders. You can find this information on the catalog overview page for any upcoming auction.

Lot
Live Auctions term for \"item\". Each lot is comprised of one or more pieces that are sold as a group during the live event. Potential buyers bid on the lot as a whole. To view all lots in upcoming Live Auctions, just click on \"Auctions"\ on the top of any page.

Lot preview information
Place and time where the lots in a given catalog can be previewed in person. If this is close to you, stop by and check out the merchandise that will be auctioned. You can find this information on the catalog overview page for any upcoming auction.

P

Paddle
A numbered plastic card assigned to a particular bidder registered at an auction.  The paddle is raised to bid, and the auctioneer calls out the paddle number of the successful bidder as each lot is sold.

Provenance
Information concerning a lot's current or prior ownership.  Provenance may affect a lot's value.

R

Registered user
A user who has registered to trade on eBay by providing us with their contact information.

Reserve Price
The lowest price at which the seller is willing to sell his or her lot. This price is generally higher than the minimum opening bid. In order to win the auction, a bidder must meet or exceed the reserve price and have the highest bid. If no bidders meet the reserve price, neither the seller nor the high bidder are under any further obligation to complete the transaction.

S

Sale
Sale, event, or auction refer to the actual live event where the lots are auctioned off to the public. Sometimes, a sale can take place over multiple days.