Full Glossary
Auction Basics

Lot

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.

How It Works in Practice

Lotting strategy — how items are grouped into lots — directly affects sale outcomes. A set of 12 matching chairs might be one lot (sold together) or 12 individual lots (each sold separately). Individual lotting typically yields higher total revenue but requires more cataloging time and extends the auction. Professional auctioneers balance revenue optimization against practical time constraints. AI cataloging tools change this calculus by making per-lot cataloging time nearly zero.

Frequently Asked Questions

How many lots is typical for an estate auction?
A typical estate auction contains 200–500 lots, with large estates reaching 700+. The number depends on how items are grouped: more individual lotting means more lots (and more cataloging work) but typically higher total revenue. An average three-bedroom house yields 200–400 lots when fully cataloged. AI cataloging tools make it practical to individually lot items that would otherwise be grouped.
What is a box lot?
A box lot groups multiple lower-value items as a single unit — for example, 'Box lot: 25 pieces kitchen items including KitchenAid mixer and Pyrex bowls.' Box lots are used when individual items don't justify the time to photograph and describe separately. They're common in estate auctions for items worth less than $3–5 individually.

Related Terms

Box LotFloor LotAuction CatalogLot DescriptionCatalog Order

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How to Catalog an Estate Sale Efficiently
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