What are some common auction terms I should know?

What are some common auction terms I should know?

Some common auction terms include 'reserve price', 'bid increment', and 'hammer price'. 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.

And what about 'hammer price'?

The 'hammer price' is the final bid amount at which an item is sold, marked by the auctioneer's hammer. It's the price the winning bidder pays.

Can you explain 'bid increment'?

'Bid increment' refers to the minimum amount by which a bid must increase in order to be considered valid. It ensures that bids rise in a structured manner.