Terminology

Bid Increment
The preset dollar amount by which a bid must increase when a new bid is placed. This can change as the bid advances and is disclosed in the auction details under bid increments

Buyer’s Premium
A fee charged to help cover auction operating costs. This fee is calculated as a percentage of the final hammer price and is added on top of the winning bid and any applicable taxes.

Soft Close / Extended Bidding
If a bid is placed on a lot within a specified number of minutes before closing, the closing time for that lot will automatically be extended. Bidding will continue on that lot until no additional bids are received within the extension window. Lots that do not receive late bids will close at their originally scheduled time. The auctioneer establishes the extension timeframe in advance.

Lot
One item or a group of items offered for sale together as a single unit. Lots are organized and numbered prior to the auction and cannot be split once bidding begins.

Maximum Bid
The highest amount you authorize the system to bid on your behalf. Your bid will increase only by the set increments, automatically advancing as needed to stay competitive—up to your chosen maximum.

Reserve Price
The minimum amount a seller will accept for an item. If bidding does not reach this price, the item will not be sold.