Auctions Terms and Definitions

Absolute Auction
A type of auction where the property or item is sold to the highest bidder without reserve; does not require a minimum bid; does not require competing bids of any type; does not permit bidding by the seller or an agent of the seller; and cannot be withdrawn from the auction after the auction is opened and there is a public call for bids.

These types of auctions must be advertised as Absolute Auction on all forms of advertising. Buyers know that if they are the high bidder, they will be the buyer.

Auctioneer
The man or woman who does the bid calling and takes bids from the attendees. In Ohio, an auctioneer must be licensed through the Department of Agriculture.

Auction Block
A podium or riser from which the auctioneer conducts the bid calling.

Bid Call
When the auctioneer asks for bids during an auction event. They will announce the current bid and ask for higher increments until the item is sold. Also known as a chant.

Bidders Choice
When the highest bidder in an auction gets to choose which lot they want from a group of lots. The chosen lot is determined as sold and the remaining lots go up for auction again. The process repeats until all lots are sold.

Bidder Number
The number given to each person who registers to bid at an auction. Bidders are identified by their bid number during live and online auctions.

Buyer’s Premium
An advertised percentage added to the highest bid to determine the final purchase price.

Catalog
A list or booklet that shows all of the items being sold at auction. The catalog typically includes pictures, descriptions and details about each lot.

Chant
A fast, rhythmic way in which an auctioneer counts the bid dollar amounts while selling a lot. The chant includes the current bid and asks for higher bids, ultimately finishing with the word “sold.”

Chattel
Personal property such as furniture, cars, tools, or fine art. Chattel refers to all assets other than real estate.

Clerk
The person(s) responsible for registering bidders and collecting payment for purchased items. The clerk works closely with the auctioneer to ensure that the event runs smoothly, and sales are correctly recorded.

Commission
An agreed-upon fee paid by the seller to the auctioneer for services provided. It is usually a percentage of the gross selling price of the property or a flat dollar amount. It is always negotiable.

Consignment
An auction where the auction company will take item(s) or lot(s) to sell from more than one seller. These items are combined into a single auction and sellers share the expense. Each seller enters into a separate contract with the auction company.

Hammer Price
The final bid, before the buyers premium and any applicable taxes, for an item sold at auction. The term originated when an auctioneer would hit a gavel to declare an item sold.

Lot(s)
A single item, or group of items, being sold at auction. Each lot is given a number so that bidders can easily identify which lot they are bidding on. When the lot is sold, the buyer receives everything contained in the lot.

Multi-Par
According to ORC 4707.019Q, Multi-Par Auction means any auction of real or personal property in which multiple parcels or lots are offered for sale in various amalgamations, including as individual parcels or lots; combinations or parcels or lots; and all parcels or lots as a whole.

NextLot
Online auction platform used by KIKO Auctioneers to run live simulcast and online only real estate auctions.

Preview Date
A predetermined date in which potential bidders can view and inspect the lots being offered for auction.

Pickup Date
The date after an auction in which the successful bidders are able to claim their lots.

Proxibid
Online auction platform used by KIKO Auctioneers to run live simulcast and online only chattel auctions.

Reserve Auction
An auction in which the seller or an agent of the seller reserves the right to establish a stated minimum bid; the right to reject or accept any or all bids; or the right to withdraw the real or personal property at any time prior to the completion of the auction by the auctioneer.

Ringmen
An auction team that assists the bid caller by watching the crowd for bids. They signal the Auctioneer when someone bids to make sure all bids are quickly noticed. Ringmen also assist bidders by answering questions and helping them bid.