Auction 101 – Auction Terminology & Lingo

Updated: Aug 6, 2020

Hello and welcome to another edition of my “Josh Levine Speaks Blog.” I got a great one for you, if you are in to, or want to get in to, the World of Auctions. I call it Auction 101 – Auction Terminology & Lingo. If your new to my blog & YouTube Channel, Josh Levine Speaks, you will find I tend to focus on The Auction World and its subculture. Really, everything about The World of Downsizing & Liquidation, Estate Sales, Yard Sales and How to Make Money in the Niches and Genres you may not know about. Let’s just say, the Secondary Market. So... If this sounds good to you, before you leave, Subscribe to my blog and or YouTube Channel. I gotcha covered if you are a reader or watcher. I love feedback so make sure to share, leave comments or contact me direct. All my social media and direct contacts are here. That way I know what you like and want more of. It’s you that give me show topics and amazing ideas. So, thank you, and I hope you enjoy…

Let’s get started….

Auction 101 – Auction Terminology & Lingo

Absentee Bid: A procedure that allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or auction company. The particular rules and procedures of absentee bids are unique to each auction company.

Appraisal: A formal evaluation of the fair market and/or insurance value of a given property. Fair market value represents what the appraiser believes an item would bring at auction. Insurance value reflects what we believe it would cost to replace an item.

As Is: Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as "As Is, Where Is" and "In its Present Condition."

Auction Block: The podium or raised platform where the auctioneer stands while conducting the auction. "Placing (an item) on the auction block" means to sell something at auction.

Auctioneer: The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. This person may or may not actually "call" or "cry" the auction.

Bank Letter of Credit: A letter from a bank certifying that a named person is worthy of a given level of credit. Often requested from prospective bidders or buyers who are not paying with currency at auctions.

Bid History: A historical list of all the bids made on a particular auction during or after the auction.