Estate Auction Glossary
34 essential terms every estate auctioneer should know — from traditional auction terminology to modern AI cataloging concepts. Whether you're a seasoned auctioneer or new to the industry, this glossary covers the vocabulary of professional estate auctions.
Last updated: April 2026
A
AI Auction Cataloging
The use of artificial intelligence and computer vision to automatically generate lot descriptions, titles, condition assessments, and category assignments from photographs of auction items. AI cataloging tools like Gavelist reduce cataloging time by 80-90% compared to manual description writing, processing hundreds of lots per session at a cost of $0.15 per lot.
Absentee Bid
A bid placed before the auction by a bidder who cannot attend. The auctioneer or staff executes the bid on the absentee bidder's behalf up to the maximum amount specified.
As-Is
A condition of sale meaning the item is sold in its current state with no warranties or guarantees. The buyer accepts the item with all faults. Common in estate auctions.
Auction Catalog
A document listing all lots to be offered at an auction, including lot numbers, descriptions, photographs, and sometimes estimated values. Modern auction catalogs are typically digital and hosted on platforms like HiBid, AuctionFlex, or LiveAuctioneers.
Auction Platform
Online software used to host, manage, and conduct auctions. Major platforms include HiBid, AuctionFlex, LiveAuctioneers, Proxibid, and Wavebid. Each platform has its own import format for lot catalogs.
B
Box Lot
A lot consisting of multiple miscellaneous items grouped together, typically lower-value household items. Box lots are common in estate auctions and help move volume while keeping auction length manageable.
C
Catalog Order
The sequence in which lots are presented in an auction catalog. Strategic catalog ordering — placing high-value items early, grouping similar categories, and creating flow — can significantly impact sell-through rates and final prices.
Choice Lot
When multiple identical or similar items are offered, the winning bidder may choose how many they want at the winning price per piece. Also called 'bidder's choice.'
Commission
The percentage of the hammer price that the auction house retains as payment for conducting the sale. Seller's commission typically ranges from 15% to 35% in estate auctions.
Condition Report
A detailed written assessment of an item's physical state, noting damage, wear, repairs, missing parts, or alterations. In AI cataloging, condition assessment is automatically generated from photo analysis.
Consignment
The act of entrusting items to an auction house for sale. The consignor retains ownership until the item sells, and the auction house takes a commission from the sale price.
Consignor
The person or entity who provides items to an auction house for sale. In estate auctions, this is typically the estate executor, family member, or attorney.
D
Detail Shot
A close-up photograph of a specific feature of an auction item, such as a maker's mark, signature, damage, label, or decorative detail. AI cataloging tools like Gavelist classify these as DETAIL_OF_PREVIOUS and associate them with the correct lot.
E
Estate Auction
An auction of personal property from a deceased person's estate or a household being liquidated. Estate auctions typically include furniture, jewelry, collectibles, artwork, tools, household items, and other personal property. Average lot counts range from 200 to 700+ items.
Estate Liquidation
The process of selling all personal property from an estate, typically after a death, divorce, or major life change. Can be conducted via estate auction, estate sale, or private sale.
Estate Sale
A sale of personal property conducted at the decedent's home, typically over one to three days. Unlike an estate auction where items are sold to the highest bidder, estate sale items are usually priced and sold on a first-come, first-served basis.
F
Fair Market Value
The price an item would sell for on the open market between a willing buyer and seller, both having reasonable knowledge of relevant facts. Used for estate tax purposes, insurance, and donation valuations.
Floor Lot
An item that is physically present at the auction venue but may not be individually lotted in the catalog. In AI cataloging, items classified as FLOOR_ONLY are typically low-value items that don't warrant individual descriptions.
G
Gavel
The small hammer used by an auctioneer to signal the end of bidding on a lot. 'The fall of the gavel' indicates the item has been sold to the highest bidder.
H
Hammer Price
The final price at which an item sells at auction, as indicated by the fall of the auctioneer's gavel. Does not include buyer's premium, taxes, or other fees.
I
Identify-First Protocol
An AI cataloging methodology used by Gavelist where the system identifies what an item actually is from visual evidence before considering brand names or labels. This prevents misidentification errors where AI tools assume an item is genuine based solely on visible branding.
L
Lot
A single item or group of items offered as one unit in an auction. Each lot receives a unique number and description in the auction catalog. A lot may consist of one item with multiple photos, or multiple related items sold together.
Lot Description
A written description of an auction item that appears in the catalog. Includes title, physical description, condition notes, dimensions, materials, maker or brand, era or period, and any provenance. Quality lot descriptions increase bidder confidence and sale prices.
Lot Number
A unique sequential number assigned to each lot in an auction catalog. Lot numbers determine the order of sale and are used for bidding, invoicing, and pickup.
M
Maker's Mark
A stamp, signature, label, or other identifying mark on an item indicating its manufacturer, designer, or artist. Common on pottery, porcelain, silver, furniture, and fine art. AI cataloging tools analyze maker's marks to improve identification accuracy.
N
No Reserve
An auction lot with no minimum sale price — the item sells to the highest bidder regardless of the final amount. No-reserve lots typically attract more bidder interest.
O
Online Auction
An auction conducted entirely or partially through an online platform. Bidders participate remotely via web or mobile app. Can be timed (ends at a set time) or live (simulcast with in-person bidding).
P
Provenance
The documented history of ownership of an item. Strong provenance — especially ties to notable collections, historical events, or celebrity ownership — can significantly increase value.
R
Reserve Price
The minimum price a consignor will accept for an item. If bidding does not reach the reserve, the item does not sell (it 'passes'). Not all lots have reserves — many estate auctions sell everything regardless of price.
S
Sell-Through Rate
The percentage of lots in an auction that successfully sell. A healthy estate auction typically achieves 80-95% sell-through. Factors include description quality, pricing, catalog position, photography quality, and audience match.
Simulcast Auction
An auction conducted simultaneously in-person and online, allowing both floor bidders and remote bidders to compete on the same lots in real time.
T
Timed Auction
An online auction where bidding opens and closes at predetermined times, without a live auctioneer. Each lot has a set closing time, often with automatic extensions if bids are placed near the close.
V
Value Tier
A classification system used in AI cataloging to estimate an item's likely sale range. Gavelist assigns value tiers (budget, mid-range, premium, high-value) during description generation to help auctioneers prioritize catalog ordering and marketing.
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