Catch the best deals, without the confusion! At The Auction Yard, your trusted Consign-Buy-Sell platform, we make navigating the auction world a breeze. Whether you're new to bidding or a seasoned buyer, understanding auction terminology is essential for a smooth experience. From Absentee Bids to Hammer Prices, knowing these key terms ensures you're always in the know when placing offers. Additionally, our Asset Evaluation process ensures transparency. For Automobiles & Commercial Vehicles, we focus on VIN, service history, title brand, and emissions compliance, keeping things like salvage-title trucks 20% to 40% below market value in mind. When it comes to Equipment & Machinery, we inspect hours of use, OSHA compliance, and operational status to ensure functionality. For Surplus Assets, assume they are non-functional unless explicitly stated, especially with locked devices like phones or iPads, sold as-is with no unlocking guarantee. At The Auction Yard, we provide everything you need to confidently consign, buy, and sell with ease, all under our commission-based eCommerce model.
An absentee bid refers to a bid placed by someone who cannot attend the auction live. This allows individuals to participate remotely, ensuring they don’t miss out on an item they desire. For example, submitting a max bid of $5,000 for a watch online means the system automatically bids on your behalf up to that amount, ensuring you're in the running for the item even if you're not physically present.
Synonymous with an absentee bid, an advance bid allows you to submit your maximum offer before the auction begins. This ensures that your interest in an item is noted even if you're unable to participate during the live event.
The Artist Resale Right is a royalty that is paid to artists when their work is resold at auction. This practice, common in some countries, ensures that artists receive a percentage of the sale price every time their artwork is resold. For instance, if a painting is resold years later, the original artist receives a portion of the resale price.
In an "as-is" sale, the item is sold in its current state without any guarantees. There are no returns, and the auction house does not assume any responsibility for the condition of the item. For example, a vintage camera sold "as-is" might have undisclosed flaws that the buyer must accept.
An auctioneer is the person responsible for overseeing the auction and facilitating the sale of items. They announce each item up for bid, manage the flow of the auction, and finalize the sale with the iconic strike of the gavel.
A bid is an offer to purchase an item during the auction. This can be made by raising your paddle or submitting an offer online. For instance, raising your paddle and offering $2,000 for a diamond ring is a bid.
A bought-in item is one that fails to sell because the bids do not meet the seller's reserve price. For example, if a painting with a $10,000 reserve price only receives $7,000 in bids, it may be bought in and withdrawn from sale.
The buyer’s premium is a percentage fee added to the hammer price of an item, which the buyer must pay in addition to the winning bid. For example, if you win a painting for $10,000 and the buyer’s premium is 10%, you will pay $11,000 in total.
The buyer’s premium is a percentage fee added to the hammer price of an item, which the buyer must pay in addition to the winning bid. For example, if you win a painting for $10,000 and the buyer’s premium is 10%, you will pay $11,000 in total.
Cataloguing is the process of describing and organizing items for the auction catalog. This step ensures that each item is properly represented, with detailed information about its condition, origin, and value.
A condition report is a document that outlines the physical state of an item, noting any imperfections, repairs, or damage. For example, a condition report for a vintage vase might note cracks or chips that are important to the buyer.
The consignor is the individual or entity who is selling an item through the auction house. They may be an artist, a private collector, or a dealer looking to sell their goods.
Consignment is the act of transferring items to an auction house for sale. For example, a person may consign a rare collectible watch to an auction house to sell at a scheduled event.
Designation refers to labels or tags that indicate special status, such as a "Premium Lot." A "Premium Lot" could denote high-value or highly sought-after items within the auction.
An estimate is the auction house’s predicted price range for an item. This helps guide buyers in determining how much they should bid for the item.
Fair market value is the price an item would fetch in a competitive, open market. This value serves as a benchmark for pricing items in an auction setting.
The gavel is the small hammer used by the auctioneer to finalize the sale of an item. The gavel signifies the end of the bidding process and the successful sale of the item.
The gavel is the small hammer used by the auctioneer to finalize the sale of an item. The gavel signifies the end of the bidding process and the successful sale of the item.
A guarantee is a promise made by the seller or auction house regarding the authenticity or condition of an item. For example, a guarantee might assure buyers that a painting is an authentic original work by the artist.
The hammer price is the final price at which an item is sold during the auction, excluding the buyer's premium. This is the price that the winning bidder has agreed to pay for the item.
A lot refers to an individual item or group of items that are sold together during the auction. For example, a lot might consist of a rare collection of vintage books.
A lot refers to an individual item or group of items that are sold together during the auction. For example, a lot might consist of a rare collection of vintage books.
Lot symbols are icons or codes used in auction catalogs to indicate special terms for specific items. For instance, a star symbol might indicate a "premium lot" that is expected to fetch a higher price.
Live online simulcast refers to real-time bidding where both online and in-person participants compete to purchase an item. For example, a bidder might place a bid from their computer while others bid in the auction hall.
A "None" title brand refers to a vehicle title that has no major issues or damage reported. This typically means that the vehicle has not been involved in any significant accidents, floods, or other damaging events that would affect its value or condition.
A paddle is a numbered card used by a bidder to signal their offer during the auction. For example, raising paddle #15 signals a bid of $5,000 on a vintage guitar.
A premium lot is a high-value or highly desirable item in an auction. For example, a rare Ferrari might be classified as a "premium lot" due to its exclusivity and high demand.
An item is considered "passed" or "unsold" if it is withdrawn from the auction without meeting the seller's expectations or reserve price.
Provenance is the history of an item’s ownership, which helps to confirm its authenticity. For example, a sculpture's provenance might trace its origins back to a 1920s Paris gallery.
A quick bid involves placing a rapid series of offers to outpace competitors before the auctioneer’s gavel falls.
If the reserve price isn’t met during the auction, the seller may later accept a lower bid "on a call" or "if" the buyer agrees. For example, a painting with a $10,000 reserve price might be sold for $7,000 post-auction if the seller accepts it.
A restored salvage vehicle is one that was previously declared a total loss, but has been repaired and restored to drivable condition. For example, a rebuilt motorcycle with a restored title may now be functional but carries a lower resale value.
The reserve price is the lowest price a seller is willing to accept for an item. If bidding doesn’t reach this amount, the item won’t sell.
A salvage vehicle is one that has been declared a total loss, often due to significant damage like flood or accident damage. For example, a salvage-title SUV might be worth half of its pre-accident value.
A sale number is a unique identifier for each auction event. For example, “Sale #2023-45: Winter Fine Art Auction” helps identify the specific auction in which an item is being sold.
The seller’s commission is the fee charged by the auction house for selling an item, typically ranging from 10% to 15% of the final sale price.
Starting bids are the opening price set by the auctioneer to begin bidding on an item. For example, "Starting bid for this necklace is $1,000."
The success fee is the fee paid to the auction house only if an item sells. This is common in no-reserve auctions where the item is guaranteed to sell.
A valuation is a professional estimate of an item’s worth, often provided before an auction. For example, a valuation might estimate your antique desk’s worth at $3,000 to $5,000.
When evaluating assets, it’s crucial to inspect various factors to determine their true value and functionality. Whether you are bidding on automobiles, commercial vehicles, equipment, or surplus assets, thorough evaluations ensure that you make informed decisions. Below are the key aspects to consider during an asset evaluation.
When evaluating automobiles and commercial vehicles, it's essential to conduct thorough pre-bid checks to ensure the asset is accurately assessed. Key factors to inspect include:
Example: Salvage-title trucks are typically priced about 20% to 40% below market value due to their damaged history. However, it’s essential to recognize that these vehicles may come with limited resale value and may require costly repairs.
For equipment and machinery, a detailed evaluation is necessary to determine its functionality and compliance with industry standards. Key elements to inspect include:
When dealing with surplus assets, it is important to assume that these items are non-functional unless explicitly stated otherwise. Surplus assets are often sold in bulk or after being stored for long periods, which means they may not have been maintained or tested for functionality. For example, surplus electronics may not work or may have limited use without proper repair or maintenance. Always review any descriptions or notes provided by the seller regarding the condition of these items to understand their current state.
Locked Devices
Locked devices, such as phones or iPads, are typically sold as-is, and there is no guarantee that they can be unlocked. These devices may be tied to specific carriers or accounts, and unlocking them may require third-party services or a specific process depending on the model and carrier. Buyers should be aware that the responsibility for unlocking a device falls entirely on them, and it is not covered or guaranteed by the seller or auction house.
