NH Auctioneer key terms

A person who calls bids, solicits offers, and manages the competitive selling process at an auction, acting for a seller or as an agent of the auction house.

The individual who orally solicits and acknowledges bids during an auction, using chant, rhythm, and pacing to drive competition among bidders.

The rhythmic, repetitive vocal pattern a bid caller uses to announce prices, invite higher offers, and keep the pace of bidding moving quickly.

A single item or defined group of items offered for sale as one unit, identified by a lot number in the catalog and on the sale record.

The identifying number assigned to each lot in a sale, used to track bidding, invoicing, and settlement records for that specific offering.

A printed or digital listing of the lots in a sale, often including descriptions, estimates, condition notes, and terms that govern the auction.

A published range of likely selling prices for a lot, prepared by the auction house and not a guarantee that the lot will sell within that range.

A sale format in which the seller may set a minimum price and the auctioneer may decline to sell if bidding does not reach it, unless the sale is advertised as absolute.

A sale in which every lot is sold to the highest bidder regardless of price, with no minimum bid and no right of the seller to withdraw the property.

The confidential minimum price a seller is willing to accept for a lot; bids below it do not result in a sale and the lot may be passed.

A lot that receives no bid at or above the reserve, or otherwise fails to sell, and is withdrawn from the sale rather than sold to a bidder.

When the seller or auction house takes back a lot that failed to reach its reserve, so the item does not transfer to a buyer.

The final price at which a lot is knocked down to the winning bidder, before buyer's premium, taxes, and other charges are added.

The act of ending bidding on a lot, traditionally marked by the fall of the hammer or another clear signal, creating the sale at the hammer price.

A percentage charge added to the hammer price and paid by the winning bidder, disclosed in the terms of sale and retained by the auction house.

The fee an auction house charges the consignor, usually a percentage of the hammer price, sometimes offset by other charges or negotiated rates.

The owner or authorized party who delivers property to an auction house for sale, retaining ownership until the lot is sold and settled.

A written contract between owner and auction house setting out the property, commission, reserve, fees, insurance, settlement timing, and each party's duties.

The published terms governing an auction, covering bidding rules, buyer's premium, payment, removal deadlines, risk of loss, and dispute resolution.

The binding contractual provisions announced or published before bidding opens that define the rights and obligations of bidders, buyers, and the auction house.

A statement made by the auctioneer before or during a sale that changes or clarifies terms, such as a correction to a lot description or a reserve change.

The required communication of material facts to bidders, such as known defects, seller's interest, reserve existence, or fees that affect the transaction.

Information that a reasonable bidder would consider important in deciding whether and how much to bid, and that must not be concealed or misstated.

A false or misleading statement about property, its ownership, condition, or the terms of sale that can expose the auctioneer to liability or discipline.

A sale term meaning the buyer accepts the property in its present condition, though it does not excuse the seller or auctioneer from disclosing known material facts.

Placing fictitious or undisclosed bids to inflate the price on behalf of the seller or auction house, which is deceptive and prohibited conduct.

An agreement among bidders not to compete, such as allocating lots or suppressing prices, which undermines the auction and may violate law.

Secret cooperation between two or more parties, such as bidders or an auctioneer and a bidder, to manipulate the outcome of a sale.

The legal obligation of an auctioneer to act in the client's best interest with loyalty, honesty, and care, avoiding self-dealing and undisclosed conflicts.

The relationship in which an auctioneer acts on behalf of a seller or buyer, creating duties of loyalty, obedience, disclosure, and accounting to the principal.

A separate bank account in which an auctioneer holds client funds, such as sale proceeds and deposits, apart from the auctioneer's own operating money.

Mixing client or trust funds with the auctioneer's personal or business money, which is generally prohibited and can trigger discipline or liability.

A arrangement in which a neutral third party holds funds or documents until conditions are met, protecting both buyer and seller during a transaction.

A deposit paid by a buyer to show good faith and secure the purchase, typically held in trust and applied to the price or forfeited per the contract.

The process of accounting for a sale, collecting buyer payments, deducting fees, and remitting net proceeds to the consignor with a written statement.

The person who records bids, winning paddle numbers, and hammer prices during the sale, producing the written record used for invoicing and settlement.

A numbered card or device a bidder raises to be recognized, linking each bid to a registered buyer for tracking and invoicing purposes.

The process of collecting a bidder's identity and payment information and issuing a bidding number before the sale, supporting accountability and later collection.

Removing a lot from a sale before or during the auction, which may require notice and can create liability if done improperly under the consignment agreement.