While cruising through this curious world of auctions you may have questions about the meaning of some commonly used auction terms. Below are a few of the most common auction terms and their meaning. Reserve - This means that a property has a minimum selling price and if the minimum is not met the item will not sale to the highest bidder. Instead the owner will retain the item. Absolute - This means that the property will be sold no matter what the high bid is.
High bidder takes the item.
Lot - This refers to an individual item or items that are to be sold at one time. Meaning each item or group of items are placed in a specific selling order. Starting with one and ending when all of the items have been listed. Each lot, as they are called, is sold separately and in numerical order. A lot can be one item like a vase or a group of items like a jar of marbles.