Terms

We recognize these terms are often used in auctions and not always defined or explained.  Here is a guide to help you.  If you ever have questions at our auctions or on proxibid.com, don’t hesitate to ask us or our representative online.  We are happy to help.

Pre-bid —Tell Proxibid your highest bid.  You will not be automatically bid at that price, but they will bid for you against another buyer up to that price.

Proxy or absentee bid—Very similar to a pre-bid but done in person or on the phone with one of our salesmen.  A fee applies.

Ring —Different areas/equipment categories being sold similaneously at an auction.

Times the money—When buying one or multiple items at the same price for each.       ie. Lot 32 and 33 for $10, times the money.  $10 each item.

Choice —If selling one of many of the same kind of piece, auctioneers may offer choice.  If you are the winning bidder, you have the choice of which piece you would like at that price or multiple pieces times the money.

Reserve —Item will not sell until this price is reached.

Absolute —Each item sold, no matter the price.

As is, where is —No item is guaranteed.

Buyer’s premium —Percentage of price paid after successful bid by buyer, added after tax, if applicable.