Auction Terms

Asking Price
When a bidder places a bid, the auctioneer then offers the item to the remaining bidders for a slightly higher amount – the ask price. If no more bids are placed, the item is sold to the highest bidder at the bid price.
Auction
A sale of goods that is set for a specific day and time in which interested buyers bid competitively on items being sold. Sale prices are not established before an auction, although some auctioneers set minimum bids or reserve prices. Every OSA Expo Auctions is unreserved, which means there are no minimum bids or reserves; every lot is sold to the highest bidder on auction day.
Auction theater
OSA Expo Auctions feature a separate auction theater, where bidders can sit during the auction.
Auctioneer
The auctioneer is the person who conducts the auction: calling out the asking price, accepting bids from the bidders and announcing when an item is "Sold!" the OSA Expo Auctioneer is responsible for maintaining the pace of an auction and ensuring that every bid is received and every item is sold to the highest bidder.
Auction Catalog
Contains complete listing of items to be sold each day
Bid
An offer to buy the item at the current asking price. You typically signal your bid by raising your hand or your listing catalog. When you offer a bid, you are agreeing to purchase the item at that price if you remain the highest bidder.
Bid catcher
The bid catchers stand in front of the auction crowd and make note of every bid that is placed or offered by the bidders. The bid catchers then relay bids to the auctioneer either verbally or with signals. A bid catcher is sometimes called a "ringman."
Bidder
A person who has registered to bid and is placing bids on the items in the auction. At OSA Expo Auctions, bidders can only place bids in person.
Bidder number
At OSA Expo Auctions, every registered bidder receives a unique bidder number when they register, which is printed on a bid card. If you are the highest bidder, the auctioneer takes note of the lot number, the final bid price and your bidder number to verify your purchase.
Bid price
The current high bid. If no higher bids are offered, the bid price becomes the sale or purchase price.
Bid-in
When an owner offers a bid on their own item to raise the selling price. OSA Expo Auctions forbids owners and their agents from bidding on their own items, which ensures that only legitimate bidders can raise the asking price.
Buy back
When an owner offers the highest bid on one of their own items, enabling them to "buy back" that item. OSA Expo Auctions forbids owners and their agents from bidding on and buying their own items, which means every lot has a new owner at the end of the auction.
Buy back
When an owner offers the highest bid on one of their own items, enabling them to "buy back" that item. OSA Expo Auctions forbids owners and their agents from bidding on and buying their own items, which means every lot has a new owner at the end of the auction.
Buyer
At OSA Expo Auctions, the person who placed the highest bid on an item becomes the buyer or new owner of that item. Because there are no reserve prices or set minimums, the highest bid offered becomes the sale price.
Catalog
See "listing catalog."
Catalog order
The winning bidder has the choice of taking one, two or more of the lots in a group in the order they are listed in the catalog, each at the winning bid price. At an OSA Expo Auction, items are sold in catalog order.
Consignor
Someone who enters into an agreement with OSA Expo Auctions to have their products sold in an auction. A consignor is sometimes referred to as a "seller."
Dealer auction
OSA Expo Auctions are dealer-only events.
Listing catalog
An itemized list of all the items being sold in the auction. At OSA Expo Auctions, bidders are given a listing catalog when they register. Some people refer to the listing catalog as a "bid book" or "sale day catalog."
Lot
The item(s) being sold in an auction. Sometimes a group of items (for example, a collection a pallet of grass seed) is sold as one single lot.
Lot number
Every lot being sold at a OSA Expo Auctions is given a unique lot number. The lots are sold in lot order.
Ringman
Same as a bid catcher.
Unreserved
Unreserved means there are no minimum bids or reserve prices set on the items in the auction. Every item is sold to the highest bidder, regardless of price. Sometimes called an "absolute" auction. Every OSA Expo Auctions is unreserved.