Estate Auction Glossary

The use of artificial intelligence and computer vision to generate lot descriptions, titles, condition assessments, and category assignments from photographs of auction items. AI cataloging tools reduce cataloging time by 80–90% compared to manual description writing, processing hundreds of lots per session.

A maximum bid submitted before the auction by a bidder who cannot attend in person. The auctioneer or bidding system executes the bid on the absentee bidder's behalf, up to their maximum amount. Also called a 'left bid' or 'commission bid.'

A condition of sale meaning the item is sold in its current state with no warranties, guarantees, or representations from the auction house. The buyer accepts the item with all faults. This is the standard for most estate sales and liquidation auctions.

An auction catalog is the complete listing of every lot offered in an auction, including lot numbers, descriptions, photographs, and estimates. According to Wikipedia's auction catalog entry, catalogs serve as both information source and sales tool — each entry typically includes a lot number, item description, and either an estimated price or reserve. For estate and consignment auctions, the catalog is the primary marketing piece: its quality directly impacts bidder engagement, participation, and final sale prices. Catalogs can be digital (uploaded to platforms like HiBid, LiveAuctioneers, or Proxibid), printed, or both — though since 2020, digital-first catalogs have become the default for most auction houses.

An auction platform is online software used to host, manage, and conduct auctions. Major platforms for estate and consignment auctioneers include HiBid, LiveAuctioneers, Proxibid, AuctionFlex, AuctionZip, and Wavebid. Each platform provides bidder registration, lot display, bidding infrastructure, and payment processing — the auctioneer's job is to upload their catalog (lot data, descriptions, and photos) in the platform's required format.

A lot consisting of multiple miscellaneous items grouped together and sold as a single unit, typically lower-value household items. Box lots are common in estate auctions and help move volume while keeping auction length manageable.

A percentage added on top of the hammer price that the buyer pays to the auction house. Typically ranges from 10% to 25% depending on the auction house, platform, and sale type. This fee is a primary revenue source for auction companies.

The sequence in which lots are presented in an auction catalog and offered for bidding. Strategic catalog ordering — placing high-value items early, grouping similar categories, and creating bidding momentum — can significantly impact sell-through rates and final prices.

An auction format where multiple identical or similar items are offered, and the winning bidder may choose how many they want at the winning price per piece. Also called 'bidder's choice.'

The percentage of the hammer price that the auction house retains as payment for conducting the sale. Seller's commission typically ranges from 20% to 35% for estate auctions, and 15% to 25% for consignment auctions. This is separate from the buyer's premium.

A detailed written assessment of an item's physical state, noting damage, wear, repairs, missing parts, or alterations. Condition reports build bidder confidence and are essential for high-value lots where buyers cannot inspect items in person.

An auction format where multiple sellers (consignors) contribute items to a single sale, and the auction house manages cataloging, marketing, and sale execution. The auction house takes a commission (typically 20–30%) from each consignor's proceeds.

The person or entity who provides items to an auction house for sale. The consignor retains ownership until the item sells. In estate auctions, the consignor is typically the estate executor, family member, or attorney managing the decedent's property.

A close-up photograph of a specific feature of an auction item — maker's marks, signatures, damage, labels, backstamps, or decorative details. Detail shots are the most important photos for accurate AI cataloging and informed bidding.

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, with average lot counts ranging from 200 to 700+ items.

The process of converting all personal property from an estate into cash, typically after a death, divorce, downsizing, or major life change. Can be conducted via estate auction, estate sale, private sale, consignment, or donation.

A sale of personal property conducted at the decedent's home, typically over one to three days. Items are priced with tags and sold on a first-come, first-served basis. Unlike auctions, there is no competitive bidding — buyers pay the marked price or negotiate directly.

Two distinct formats for liquidating personal property. Estate sales use fixed pricing with first-come, first-served purchasing. Auctions use competitive bidding where the highest bidder wins. Many modern operators blend both formats in hybrid events.

The price an item would sell for on the open market between a willing buyer and a willing seller, both having reasonable knowledge of relevant facts. Used for estate tax valuations, insurance appraisals, and charitable donation deductions.

An item physically present at the auction venue but not individually listed in the catalog. Floor lots are typically lower-value items that don't warrant the time and cost of individual photography and description. They are sold at the auctioneer's discretion during or after the cataloged lots.

A gavel is 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. While the gavel is the most recognized symbol of the auction industry, its use is ceremonial rather than legally required — what establishes the sale is the auctioneer's verbal declaration, not the physical strike.

The final price at which an item sells at auction, as indicated by the fall of the auctioneer's gavel or the close of online bidding. The hammer price does NOT include the buyer's premium, taxes, or other fees. It is the base from which both the buyer's total and the seller's payout are calculated.

An AI cataloging methodology where the system identifies what an item actually IS from visual evidence before considering brand names, labels, or text visible on the item. This prevents misidentification errors where AI assumes an item is genuine based solely on visible branding.

A single item or group of items offered as one unit for bidding at auction. Each lot receives a unique lot number, a description, and one or more photographs in the auction catalog. Lots are the fundamental unit of an auction — a '300-lot sale' means 300 individual bidding opportunities.

A written description of an auction item that appears in the catalog. Professional lot descriptions include: title or identification line, physical description, condition notes, dimensions, materials, maker or brand, era or period, and provenance. Description quality directly correlates with bidder confidence and final sale prices.

A unique sequential identifier assigned to each lot in an auction catalog. Lot numbers determine the order of sale, are used for bidding reference, invoicing, and pickup coordination. They are typically numeric (001, 002, 003) but may include alpha suffixes (1A, 1B) for inserted lots.

A stamp, signature, label, or other identifying mark on an item indicating its manufacturer, designer, or artist. Maker's marks are found on pottery, porcelain, silver, furniture, fine art, and other antiques. Identifying the mark is often the single most important step in accurate lot description and valuation.

An auction lot or entire sale with no minimum acceptable price — the item sells to the highest bidder regardless of the final amount. Also called 'absolute auction' when applied to an entire sale. No-reserve lots typically attract more bidders and generate higher participation.

An auction conducted entirely or partially through an internet platform, where bidders participate remotely via web browser or mobile app. Can be timed (bidding opens and closes at set times) or live (simulcast alongside in-person bidding).

The documented history of an item's ownership, from creation to the present. Strong provenance — especially ties to notable collections, historical events, or celebrity ownership — can significantly increase an item's value at auction.

The minimum price a seller will accept for an item at auction. If bidding does not reach the reserve, the lot 'passes' — it does not sell. Reserve prices are confidential (not disclosed to bidders). The opposite is a no-reserve or absolute auction.

The percentage of lots in an auction that successfully sell. A healthy estate auction typically achieves 80–95% sell-through. Sell-through rate is the primary performance metric for auctioneers — it reflects catalog quality, pricing, marketing effectiveness, and audience match.

An auction conducted simultaneously in-person and online, allowing both floor bidders at the venue and remote bidders on internet platforms to compete on the same lots in real time. The auctioneer manages both channels, calling bids from the floor and the screen.

An online auction where bidding opens and closes at predetermined times, without a live auctioneer calling the sale. Each lot has a scheduled closing time, often with automatic extensions (soft close) if bids are placed in the final minutes to prevent sniping.

A classification system used in AI cataloging to estimate an item's likely sale range based on photo analysis. Gavelist assigns value tiers — budget, mid-range, premium, and high-value — during description generation to help auctioneers prioritize catalog ordering, marketing focus, and reserve-setting decisions.