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Auction Terminology

You may find these Auction terms useful when negotiating our site and planning your bids!

Absentee Bids: You can bid on an item without attending an auction personally by submitting an "absentee bid". The bid is submitted on an item prior to the auction starting by whatever means the auctioneer has specified. Absentee bidding forms are available for download.

Accounting of Sale: A report issued to the seller by the auctioneer detailing the financial aspects of the auction.

Agent: A person authorized by a seller to act, in this case, as a representative, to sell a piece of property. An auctioneer is an agent of a seller.

All Sales Final: No refunds are given. The auctioneer will not resell or re-auction any item that you decide you don't want after buying it.

Appraisal: A price estimate given by an expert

As Is: Merchandise is sold in the current state that it is in. If it is scratched, broken, incomplete, or won't work, that's the way you buy it. Please attend the Auction Preview to be certain you like the current state of the items on which you bid!

Attributed: It is the opinion of the person selling the item that it is from the person or factory it is attributed to, but it has not been proven.

Auction: A public sale of goods or property in which prospective purchasers bid until the highest price is reached.

Auctioneer: The person who conducts an auction sale, describing each lot, calling for bids, and ending each bidding session by announcing the winner.

Auction House: Refers to the company presenting an auction. Your auction house is High Noon.

Bank Letter of Credit: An auctioneer may require an unknown person to provide a letter from a bank certifying creditworthiness to a stated level before registering that person to bid in an auction.

Bid: The amount a bidder signals the auctioneer the bidder would pay to buy the lot being auctioned.

Bidder Number: A prospective buyer (bidder) must register for a bidder number in order to place a bid on a lot during the auction.

Buyer: Person or entity who has bought property at an auction or sale. A buyer may purchase one or more lots per auction.

Buyer's Premium: A percentage of the hammer price paid by the buyer to the auction house. (Example: 18% Buyers Premium on $100. Cost would be $118).

Clerk: Auction worker who records the identity of the seller, buyer, and selling price for each lot sold.

Collusion: The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value or when the auctioneer accepts a fictitious bid on behalf of the seller so as to manipulate or inflate the price of the property.

Consignments: Privately owned items to be sold for the owner by High Noon for a fee.

Consignor: The seller or seller's representative on behalf of whom the auction house is selling the property.

Disclosure: Auctioneer’s best insurance against liability. It means revealing known facts that sellers, bidders, and buyers need to have to make informed and intelligent decisions regarding the auction.

Due Diligence: Process of investigating and gathering information necessary to make an informed and intelligent decision about a matter, such as a prospective buyer examining the authenticity, condition, quality, and status of property to be sold.

Estate Sale: The sale of property left by a person at his or her death. An estate auction can involve the sale of personal and/or real property.

Exclusive Right to Sale: An auction agreement between the owner of a property and the auctioneer giving the auctioneer the exclusive right to sell the property and receive the agreed upon commission when the property is sold, regardless of who is responsible for producing the buyer.

Hammer Price: The purchase price for a lot upon the fall of the auctioneer's hammer. A buyer's' premium is added to the hammer price.

Increment: Amount of money an auctioneer seeks to advance the bid for a lot. Also called "Next Bid Increment" or "Bid Increment." The dollar amount by which the bidding is advanced. Current Bid + Bid Increment = Next Allowable Bid.

Internet Bidding: Bids are accepted online through Online Auction website and executed as if the bidder were present. Bidders pay an additional fee, charged by the online auction company.

Lot: The item or group of items offered for sale at auction. An auction may sell over 1,000 lots per day. Each lot is numbered in a catalog.

Minimum Bid: The lowest acceptable price at which the seller agrees to complete the sale.
Next Allowable Bid: The lowest price you must bid to become the current highest bidder.

No-Sale Fee: A charge paid by the owner of property offered at a reserve auction when the property does not sell.

Online Catalog: High Noon will preview specific items in the auction highlights on this website prior to the auction. In addition, 1-2 weeks prior to the auction, they will have the bulk of the auction lots available for preview through their Online Auction website.

Payment: The auction company will accept various types of payment. Cash, checks with bank letters of credit, or certified funds may be required. All merchandise must be paid for in full each day. The auction company may REFUSE ANY CHECKS without proper identification or bank letters guaranteeing the check.

Phone Bids: During the Auction a representative calls you just prior to the pieces coming up on the floor and represents your bids to the auctioneer during the sale. Phone bidding forms are available for download.

Prices Realized: A list of prices at which all items from an Auction were sold. This list is automatically sent to those who have consigned and those who have purchased a catalog. High Noon's prices realized are available on this website.

Private Treaty Sale, Negotiated Sale: Private sale, not a part of the Auction. Conducted at High Noon offices or through our associates. Also referred to as a Static Listing.

Property: Item or items comprising an auction lot offered for sale.

Purchase Price: The total of the hammer price, the buyer's premium, and applicable taxes or other fees, if any, as may be required by law.

Registration: When you first get to the auction, you should ask to register and obtain a bid card. You will be asked to show proper identification to register. You may be required to verify that you have certified funds or cash in your possession.

Resale Certificate: Document showing that property is purchased for resale only. When this certificate is presented, taxes are not paid on the purchase.

Reserves: A minimum price set by the seller for a lot. If the auction price does not reach this minimum, the seller is not obligated to sell the item.

Terms and Conditions: These are the governing rules for a specific auction. Each auction's terms and conditions may vary and the bidder must understand them before participating in an auction. View High Noon Auction's Terms and Conditions.

Tie Bids: When two or more bidders bid exactly the same amount at the same time and must be resolved by the auctioneer.

Unit: See Lot. Item for sale.

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