Auction Glossary Tips
Read these 11 Auction Glossary Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Auction tips and hundreds of other topics.
What is a bid cancellation?
Bid Cancellation is when either the buyer or seller removes -- or cancels -- a bid.
What is a private auction?
Private Auction is an auction in which either the buyer's identity and/or the seller's identity is hidden.
What is an 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.
What is a 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.
What is TOS?
TOS stands for Terms of Service. This usually describes a contract and should be read carefully before entering into the agreement.
What is an appraisal?
An Appraisal is a written or spoken estimate of the value or quality of an item.
What does COA mean?
COA stands for Certificate of Authenticity. This is a written proof (usually certified by an expert) that an item is genuine.
What is 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.
What is an auction?
Auction is the term given to a public sale in which items are sold to the highest bidder.
What is bidding?
Bidding is the act of placing an offer to buy at a specific price -- or a bid -- on an auction item.
What is an 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.