Online Auction Terminology

Types of Auctions 

• Reserve Auction
  If a seller is not willing to sell an item unless it reaches a certain value, they will set this value secretly. If the bids do not reach this set value, the seller is not obligated to sell the item. Once the bids reach that price, the seller is obligated to buy and the reserve notice disappears or is marked as "met."
• Straight Auction
  In a straight auction, there one item up for auction and no reserve price. A seller must respect the final winning bid regardless of value.
• Dutch Auction:
  In a dutch auction, a seller lists multiples of an identical item. Bidders can bid on one item or multiple items. All bidders pay the lowest successful bid value as of the closing of the auction.

Bidding Terms 

• Automatic Bid
  Let's say you are willing to pay $11.00 for a bird feeder and bidding is currently at $6.50 with a bid increment of $0.50. By placing an automatic bid of $11.00, your bid will automatically increase by $0.50 over everyone else's bids until you win the item or until you bid reaches $11.00. This is a great way to manage auctions when you can't be around for the final hours, but know you have a spending limit.
• Bid
  A bid is an offer of a specific amount of money for an item for sale on an auction. Once you place a bid, you are committed for at least that amount. Bidders compete with other bidders by placing bids in rotation, each higher than the last.
• Bid Increment
  An increment value by which the next minimum bid must be raised. An item currently at $5.00 with a minimum bid increment of 50 cents must have the next minimum bid set at $5.50 (or more).
• Bid Cancellation
  The cancellation of a bid by a seller. In online auctions, if a seller feels uncomfortable with a bidder's ability to complete a transaction, they can cancel the bid.
• Bid history
  The history of bids for an auction, including the time, amount, and bidder name or number for each bid.
• Bid retraction
  The cancellation of a bid made by the bidder of an online auction. There are ways to legitimately do this depending on each auction house's rules.
• Bid Rigging
  When a seller has their buddies bid to up the final value of an auction. This process is considered fraudulent and is subject to discipline.
• Bid Shielding
  Placing an unusually high bid in an attempt to keep a lower bidder from continuing to bid on an item.
• Bid Siphoning
  The process of contacting bidders for a specific item to encourage an off-auction sale of a similar item, usually for much less money.

Item Description Terms 

• As-is
  As-is items are just that - as-is. There's no guarantee to the condition of the item and when you see this it's a sign that something is probably wrong. There could be a chip or crack, or it doesn't work properly. This isn't always a deal breaker! Just understand that your item won't be perfect.
• Excellent Condition
  This would be used to describe an item that is very close Items in this condition are next to perfect, but may have been removed from the original packaging or used to some extent. You shouldn't expect to find flaws on these items.
• Faux
  Fake. Faux fur is man-made fur, not fur from a real animal.
• Hairline crack
  A hairline crack sometimes cannot be seen and generally cannot be felt. It's a crack in the material that doesn't cause a structural problem.
• Limited Editions
  Limited edition prints and products are made in limited quantities, so only a specific number exist. The lower the quantity made, the rarer the item, the more desirable it often is, the higher the price that will be paid.
• Mint / MIB / MIP
  Mint condition items are 100% brand new and should look exactly as if you had gotten it from the source yourself. The package is closed and originally sealed, the item wasn't played with, and there is no damage. MIP means mint in package. MIB means mint in box.
• New in Box / NIB
  New in box does not necessarily mean mint. The item may be brand new but was perhaps removed from the box at one point or used slightly.
• Never Removed From Box / NRFB
  Never Removed From Package / NRFP
  Never Removed From Card / NRFC
  The item has not been removed from its original box / package / card.
• One of a Kind / OOAK
  The item is an original and there are no others like it. Commonly used when describing hand-crafted items such as jewelry or wood crafts.

Item Materials 

Money Money Money 

• Reserve Price
  A secret amount a seller has set for a minimum auction win price. If the bids do not reach this set value, the seller is not obligated to sell the item. Once the bids reach that price, the seller is obligated to buy and the reserve notice disappears or is marked as "met."
• Price realized
  The final selling price of an item.
• Fixed Price
  If a seller has several identical items for sale they may be willing to sell them each for the same price. In this case, the sale would be listed as $30 each for 50 coats available, for example, and you could buy as many coats you wanted for the set price of $30 each, until they were gone.
• Final value fee
  A percentage or fixed commission charged to the seller by the auction house, based on the final selling price of the item.
• Insertion fee
  A set fee charged by the auction house for listing an auction for sale. This fee is generally charged whether or not an auction is successful.
• Buyers Premium
  A fixed or percentage paid by the buyer for items purchased through certain auction houses.
• Escrow
  A transaction where the buyer pays an escrow company for the product. The escrow companies holds the money until the buyer states they are satisfied, at which time they pay the seller, minus a fee.
• Start price
  The start price is the starting bid of the auction, which can be $0.00 or any higher value. Lower start prices encourage more views and bids. If you do not have a reserve price set, you may choose to set the start price at the minimum amount you will accept for the item. If neither of these is done, the seller must accept the final value price of the auction, no matter how low.

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