Auction Glossary

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.

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.

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. 

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.

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

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.

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.

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

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.

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.

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.

Live and online interactive bidding at the same time.

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.

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.