Auction Glossary

Bidder Number

At every auction you must register and be assigned a bidder number in order to bid.

Brochure

This typically is the most comprehensive auction information package including machine specifications and photographs, sale times, dates, locations & related.

Buyer’s Premium

This is a fee, paid by the buyer, which is added to the final sale price of each item. For example, if a customer bids $1,000 for an item (and the Buyer's Premium for that auction is 15%), the final cost will be $1,150.00 (the $1,000 bid plus 15%).

Catalog

This is the lot by lot (item by item) listing for each auction which establishes the sale order.  This doesn’t mean each lot will be sold individually.

Choice

This is when the auctioneer is selling more than one similar lot.  High bidder has the option to pick and choose individual lots out of the lots being offered.  Multiply the final price by the number of lots chosen.

Equipment List

Only available for certain auctions, this contains a preliminary listing of items.

Final Bid Price

This is the price at which the auctioneer sells a lot.  The buyer’s premium is added to this along with the sales tax.

Gallery

These are photographs taken after the lot catalog is completed.  This also contains additional photos of items that may not be included in the auction brochure.

Group

This is when the auctioneer sells group of lots for one bid price.

Liquidation / Private Treaty / Negotiated Sale

Items at this type of sale are not offered at an auction but instead for a fixed price only, if you want to offer less than the fixed priced please call and we will relay that offer to the owner.

Live Onsite Only Auction

A Live on-site is an auction is conducted onsite only; no offsite bidding is available in this type of auction.

Live Onsite & Webcast Auction

This is our most standard type of auction.  Potential buyers have the ability to bid live onsite while the webcast provides our off-site customers the convenience of bidding over the Internet from their office or anywhere in the world.  A webcast clerk on the auction floor handles the internet bidders as they bid against live onsite participants on the auction floor.

Lot

A single item or grouping of items to be sold as one unit. Each auction has a lot catalog which is an item by listing of the equipment that will be sold.

Lot Number

Every item an auction is assigned a lot number and the auction is sold primarily in numerical sequence.

Negotiated Sale / Liquidation / Private Treaty

Items at this type of sale are not offered at an auction but instead for a fixed price only, if you want to offer less than the fixed priced please call and we will relay that offer to the owner.

Online Only Auction

Bidding is conducted solely online similar to eBay only our online auctions feature auto bid extension when a bid is made in the last ten minutes of an item closing.

Private Treaty / Negotiated Sale / Liquidation

Items at this type of sale are not offered at an auction but instead for a fixed price only, if you want to offer less than the fixed priced please call and we will relay that offer to the owner.

Privilege

This is when the auctioneer is selling more than one similar lot.  The high bidder has the option to take as many lots as they want in order.  Multiply the final bid price by the number of lots chosen.

Proxy Bid

A Proxy Bid is an absentee bid on a purchase for which one of our auction staff will bid favorably for you in your place.  Your bid will go through the standard bidding process. Our auction representative will go up to, but no higher than your top bid, trying of course, to purchase the item(s) for less than your maximum bid if possible. In order for your proxy bid to be accepted you must fill out the forms as remit a 25% deposit of your max bid amount no later than 24 hours prior to the start of the auction.

Subject to bid confirmation

When an item has this designation we will offer at the auction and receive a high bid for the item, we will take that high bid to the owner and they will have 24 to 48 hours to accept, reject or counter the offer.

Subject to withdraw

When an item has this designation it is subject to being removed from the auction. Please call our office to determine an up to the minute status of an item with this designation.

Times the bid, quantity or money

When a lot has more than one of the same item the auctioneer will sell that item and the final bid price will be multiplied by the number of items in the lot. For example if a lot has (2) drills and the auctioneer sells the lot times the quantity and the final bid price is $100.00.The invoice price will be $100.00 x 2 = $200.00. + the designated buyer’s premium.

 

Need More Assistance?

Cincinnati Industrial Auctioneers
2020 Dunlap Street
Cincinnati, Ohio 45214
 
(513) 241-9701 Office
(513) 241-6760 Fax
 
info@cia-auction.com
www.cia-auction.com

 

Copyright © 2017 CIA Co.

2020 Dunlap Street
Cincinnati, OH 45214

Phone: 513-241-9701
Fax: 513-241-6760

We are licensed auctioneers and longtime members of the following accredited organizations:

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