Common Auction Terms to Know

Attending an auction can be a lot of fun, and if you’re lucky, you might be able to get a great deal on an item while you’re there. However, before you attend one, you should take the time to familiarize yourself with some of the terms involving auctions. There are so many of them, so it may take a few auctions before you catch them all. Here are some of the terms that you’ll need to know on your first trip to an auction.

Auction Chant

The auctioneer at an auction will speak very quickly as he or she attempts to auction off an item. He or she will use what is known as an auction chant. It will usually go something like this: “I’m bid $10. $10, $20. Do I hear $30?” It might sound like gibberish to you at first, but the auction chant is specifically designed to hypnotize the crowd and keep everyone interested in the bidding that’s being done.

Bid Catcher

The auctioneer is usually too busy doing an auction chant to pay attention to the bids that are coming in. So rather than trying to keep track of them all, the bid catcher is the person who sits near the auctioneer and handles taking notes about the bids that are placed. He or she will verbally communicate those bids to the auctioneer to keep things running smoothly.

On the Block

At some point during an auction, you will hear an auctioneer say that something is “going on the block.” That simply means that the item is going to be placed up for auction at that time.

White Glove Sale

It’s rare to see an auction where every item or lot sells. There’s always something that doesn’t quite get enough interest. Nevertheless, every now and then, an auction will have everything sell successfully, and it will be christened a white glove sale. In the olden days, an auctioneer used to literally receive a pair of white gloves for selling everything, and while that tradition no longer exists, it’s still quite a sight to see when an auction has a 100 percent success rate.

Hammer Price

Once the final bid on an item has been placed and accepted, an auctioneer will slam down a gavel or hammer to mark the occasion. Thus, the final sale price is commonly called the hammer price.

Do you want to attend an auction or sell off items using an auction? Wilson Auction & Realty specializes in holding auctions throughout Ohio and Indiana. Check out our site for auction listings or call us at 419-636-5500 today to start planning an auction of your own.