Auction Glossary

Understanding Auction Terms & Online Bidding


Our glossary covers the most common terms you will see at Atterberry Auction & Realty Company and explains how online bidding works. Whether you are participating in a real estate auction, land auction or personal property auction in mid-Missouri, these definitions help you make informed decisions and bid with confidence.

  • Absolute Auction

    A type of auction where every item sells to the highest bidder. There is no minimum price to meet. Bidders often appreciate absolute auctions because the outcome is guaranteed and the process is straightforward.

  • Bid Increment

    The minimum amount a new bid must exceed the current bid. In online auctions, increments increase automatically at certain price levels. Clear increments help bidders follow the pace of bidding and plan their strategy.

  • Buyer's Premium

    A buyer's premium is clearly stated in the terms and conditions of each auction. Generally, a buyer's premium is a percentage of the purchase price, which is specified in the auction terms and is in addition to any taxes owed. 

  • Extended Bidding

    Auctions may extend the bidding time on any lot that gets a bid within a certain amount of time of its scheduled closing time. The auction will remain open for those lots until no bids are placed in the allotted amount of time. 


    All lots not receiving a bid in the final minutes will close at the normal time. The auctioneer will determine the number of minutes necessary to activate extended bidding ahead of time.

  • Online Only Auction

    A timed auction where bids can only be placed over the internet by bidders. No live bidding is taking place at a physical location.

  • Live Auction

    A live auction is an auction that takes place at a designated place and time, where bidders can browse the auction lots and place their bids in person. Typically, Atterberry Auction & Realty Company's auctions are held online only and are not live auctions.

  • Catalog

    A complete list of all lots in an auction. Each lot includes photos, descriptions, inspection details and terms. The catalog is your main reference when planning your bids.

  • Lot

    A group of items or a single item that are sold together at auction. Each lot in an auction is numbered.

  • Maximum Bid

    The highest amount you are willing to pay. When you enter a maximum bid, the system automatically bids for you in the correct increments until your limit is reached. This helps you stay competitive without being online at the closing time.

  • Reserve Price

    The reserve price is the minimum amount the seller is willing to accept for the item. If the reserve is not met during the auction, the item will not automatically sell. 


    After the auction closes, we will attempt to work with both the seller and the high bidder to negotiate a mutually agreeable price — sometimes this results in a successful sale, and sometimes it does not.

  • Preview

    A scheduled time when bidders may see items in person before the auction closes. Previews provide the best opportunity to verify condition and ask questions.

  • Simulcast

    Live and online interactive bidding at the same time.

  • Staggered Closing

    Auctions that begin to close and progress at a certain rate of lots instead of at one specific time. For example, an auction will close fifty lots every five minutes beginning at a certain time. These details will be listed in the terms of the auction.

  • Ultimate Choice Bidding System

    The Ultimate Choice system is an online multi-parcel bidding platform that allows bidders to place bids on individual lots or create customized combinations of lots (commonly used for multiple parcels of land or groupings of tracts). 


    This format lets buyers build the exact combination they prefer and compete for it in real time during the auction — giving bidders more flexibility and sellers the opportunity to capture true market demand across multiple buyer types.


    This system consolidates all bidding activity across both individual and combined lot bids, ensuring the highest and most competitive value is achieved based on how buyers actually want to buy.

Connect With Atterberry Auction & Realty Company

Clear communication is important to us, and we are always available to explain terms, answer questions or walk you through the online bidding process. If you need guidance or clarification, reach out anytime.
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