What are some common auction terms I should know?
An example of an AI chatbot conversation about auction terminology and definitions.
What are some common auction terms I should know?
Some common auction terms include 'reserve price', 'bid', 'hammer price', and 'lot'. Would you like to know more about any specific term?
What does 'reserve price' mean?
The reserve price is the minimum price that the seller is willing to accept for an item. If bidding doesn't reach this price, the item won't be sold.
Can you explain 'hammer price'?
The hammer price is the final bid amount at which an item is sold at auction, determined when the auctioneer drops the hammer.
What is a 'lot' in an auction?
A 'lot' refers to a specific item or group of items being auctioned. Each lot is assigned a number for identification during the auction.
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