Bid Cancellation

Bid Cancellation is when either the buyer or seller removes -- or cancels -- a bid.

Private Auction

Private Auction is an auction in which either the buyer´s identity and/or the seller´s identity is hidden.

Increment

Increment is the minimum amount by which a bid can be increased. For example: If an item has a bid of $5 with an increment of $1, you must bid at least $6 in order to be the top bidder.

Relisting

Relisting is the process of listing an item again for auction if it did not initially sell. Sometimes the auction site will credit your relisting fees if the items sells the second time around.

TOS

TOS stands for Terms of Service. This usually describes a contract and should be read carefully before entering into the agreement.

Appraisal

An Appraisal is a written or spoken estimate of the value or quality of an item.

COA

COA stands for Certificate of Authenticity. This is a written proof (usually certified by an expert) that an item is genuine.

Sniping

Sniping is the practice of bidding in the last few seconds of an auction in order to prevent other bidders from outbidding you. The truth is, if you really want an item, sniping will almost always allow you to be the highest bidder, assuming you bid high enough. Sellers usually like sniping; what´s not to like about increasing the final price of an item? Many smart bidders, however, simply bid the maximum amount they are willing to spend on an item and don´t worry about it. If they are outbid, that´s okay, because they didn´t feel the item was worth more than their bid.

Auction

Auction is the term given to a public sale in which items are sold to the highest bidder.

Bidding

Bidding is the act of placing an offer to buy at a specific price -- or a bid -- on an auction item.

Auctioneer

The Auctioneer is the person who conducts the business of an auction, that is, a public sale where goods are sold to the highest bidder.