Welcome back to “Everything you ever wanted to know about Auction Bingo Lingo! As promised, here are a few more words that you may see and hear at live auctions.
Terms & Conditions: Since I mentioned “Terms & Conditions” in “As Is” in the last blog , I figured I better define that. The terms and conditions are a list of the rules of the auction and certain aspects of the purchase/sale agreements. This list may include things such as items are saying that items are sold as-is, stating buyer’s premiums to be charged, the amount of sales taxes that must be charged, what kinds of payment are accepted, and when items need to be removed.
Lot: A lot doesn’t necessarily mean a lot of stuff. (See how I did that there? It’s ok…go ahead and laugh. I did.). A lot is simply an item up for auction. Each item, or group of items, is given a lot number. This helps keep the clerking easier and helps the flow the of the auction. If a catalog has been printed, or the auction is on-line, it also allows you to also keep track of which items you are wanting to bid on. Sometimes things are put into a box lot. This just means that a group of things have been put together in one lot, often placed in a box and will usually fetch just one price for the entire box.
Choice: Sometimes an auctioneer will announce that she is going to allow the next winning bidder their choice of items/lots on a table. There might be 10 different things on a table and the bidding starts. The winning bidder is allowed to chose what they want from the table, and how many items they want to purchase for that price. Say Bill is the high bidder at $15. Bill chooses the box of jewelry and a fishing reel. Bill pays $15 for EACH item he chose making a total of $30. The auctioneer can either let the rest of the bidders make a choice of items for $15, or start the bidding all over again.
Times the money: The auctioneer will announce that this lot is a times the money lot. This means that if there are 4 items in a lot (say 4 chairs), and you are the high bidder at $20, you will be paying 4 TIMES the money ($20 in this case), or $80 total.
Free Space: Just kidding…there is no such thing as a free space in an auction, just in Bingo. Although you don’t usually have to pay to attend the auction. So that’s free. There’s that.
Preview: This is a chance for people to look at the items in person before the auction starts. Take time to look the item over, take notes, and make some decisions about how much you really want to win that item (and you know you do!).
Clerk: This is the person who is frantically trying to record who (which number) bought what (which lot) for how much (money). It can get crazy when choice is being auctioned.
Buyer’s Premium: This is an additional percentage added to the winning high bid. This is not a tax. See one of our previous blogs for more detailed information on Buyer’s Premiums.
Collusion: Sometimes two people will collude (or get together and make an agreement) to not bid against each other in an attempt to keep the bidding low so they can buy it for a cheaper price. It can also go the other way where someone will try to inflate the price by being a “fake” bidder.
Ringer: A ringer is a staff member that is bringing the next lot or item up for auction to the front. He or she will hold it up, sometimes giving a comment about it, and helps to identify bidders on the floor. This is not to be confused with a dead ringer…yes, that was a joke. You can laugh.
No Reserve: This means that there is no minimum price that the auctioneer must get for an item. Sometimes, however, for items that are known to be worth more or the seller needs to receive a certain amount of money, there will be a reserve price set (only known to the auctioneer), and if the bidding does not reach that set amount, you won’t win the item, even if you were the high bidder. Kind of like calling “Bingo” and then realizing that you still have a spot empty on that diagonal row.
Hammer Price: This is the winning bid amount that will be recorded by the clerk once she hears the auctioneer’s “SOLD”. In an auction house, the auctioneer will have a have hammer or gavel that he will use to pound the podium as another attention-getter to let people know that lot is done and you’re moving on to the next.
Pass: This is when the auctioneer makes a judgment call to pass, or skip over, a lot for any number of reasons, usually the reserve has not been met, or no one seems interested in bidding.
Provenance: This is just a big fancy word for being able to provide or prove the history of an item. For example, it’s one thing to say that your grandmother’s hand mirror which was made in France by Colbert and came over on the Mayflower, and another thing to have the documents that back up that history. Those documents can mean the difference between an item being worth several thousand dollars or only worth $10.
Well, are you ready to play the auction game now? I hope so. If by some chance I missed a word that you would like to know more about or just plain don’t understand, please ask, and I can try to explain it for you. Because, you know, it really is fun to get a “BINGO!” and bring home a prize. Even if you have to pay for it.