There’s a lot of online silent auction terminology you’ll encounter while using the Oktion app. To help eliminate any confusion, and help make your bidding and selling more effective, here’s a comprehensive list of live silent auction terminology.
Common live silent auction terms and phrases:
Auction – The sale of items that are sold to whoever declares the highest price.
Auctioneer – The person running the auction event.
Bid – The buyer’s offer of a price they are willing to pay for an item.
Bid increments – The amount an item’s price increases with each bid.
Bidding – The act of participating in an auction by offering a price for an item.
Lot – The item or group of items being sold in an auction.
Maximum bid – The highest amount a bidder is willing to pay for an item.
Minimum bid – The lowest opening bid that can be made.
Outbid – When someone bids a higher amount than the previous bidder.
Reserve amount – The minimum amount the seller is willing to accept for an item that is sold.
Seller – The person or organisation that has legal ownership of the item added for bidding.
Starting bid – The first bid placed on an auction item, the amount of which is set by the seller.
Here at Oktion, we are all about keeping your fundraising events exciting, fun and effective. Our team at Oktion do our best to ensure that every auction you run with us is a success. We care deeply about helping you help others. We hoped that this glossary of auction terms and phrases will help you and your guests and participants feel more comfortable at any auction event you hold.