Absentee Bid

A bid placed before the auction by someone unable to attend live.

Related Terms

Auction Estimate

The auction house’s expected selling price range for a lot.

Reserve Price

The confidential minimum price a seller is willing to accept.

Hammer Price

The winning bid amount before fees and taxes are added.

Buyer’s Premium

An additional fee charged by the auction house to the buyer.

Lot

An item or group of items offered together in an auction.

Telephone Bid

A live bid placed remotely through an auction house representative.

Explore related glossary terms