Authentication... A process in which it is determined if an item is genuine and is as described  

Automatic Extension...an option for sellers in which the end of an auction is extended for a period of time if their are bids made near the closing time.

B

Bidding...the act of placing a bid on an auction item

Bid Cancellation...the cancellation of a bid by either buyer or seller

Bid Retraction...a cancellation of the bid by the seller

Bid Siphoning...emailing another sellers bidders and offering a lower price or better terms...not an ethical practice

Blacklist...a list that blocks certain bidder from participating in your auction. On Ebay its known as a "blocked bidder" list

Buy Price or Buy it Now Price...a price which the seller agrees to sell an item. Auctions will automatically close when a buy it now option is chosen. On Ebay the Buy it Now option is only available at the sellers discretion and no longer exists after a first bid is made.

C

Category Listing ... a list of auctions by specific category.

Closing...the time that the last bid will be accepted - the end of the auction

COA...Certificate of Authenticity - presents proof that an item is genuine.

Counter...a service which counts the number of viewers of an auction.

D

Deadbeat Bidder...a bidder who does not pay for their auction winnings.

Dutch Auction...an auction in which multiple lots of the same item are up. Bidders can bid on both quantity and price.

E

Escrow...a situation in which the buyer places money in a third party escrow account until both buyer and seller agree to release the funds. Usually used for higher priced items.

F

Feedback...positive or negative comments left by both buyer and seller for each other. Usually available to other auction users, feedback helps establish the reputation of the buyer or seller.

Final Value Fee...a percentage of the final sale that is paid to the auction house. Also known as commission.

I

Increment...the minimum amount a bid can be increased by

Initial Bid...the lowest amount that can be entered by the buyer. Amount is set by seller and is also known as minimum bid.

Insertion Fee...fee paid by seller for listing in the auction.

L

Listing Agreement...a contract between the seller and the auction house allowing an item to be listed.

Live Auction...an auction which takes place in "real time" - either online or off.

M

Market Value...the open market value of an item.

Maximum Bid...the upper bid limit set by the buyer when using proxy or "automatic" bidding.

Minimum Bid...the smallest amount that can be bid by a buyer.

N

NPB or Non Paying Bidder... a bidder that does not pay for items won

NM...Near Mint

NR...No Reserve

O

OOP...out of print

P

Private Auction...an auction in which the buyer and sellers identities are not disclosed

Proxy Bid...a method of bidding in which the computer automatically places bids for you at the lowest increment up to a maximum bid you have set.

R Relisting...the process of listing an item again if it did not initially sell.

Reserve...a price set by the seller that buyers must meet before the seller is obligated to sell.

Reverse Auction...an auction in which buyers post items they want and the sellers then respond.

S

Shill Bidding...a process where a seller or their agent bids up their own merchandise through the use of an alternate registration. A forbidden practice.

Sniping...a bidder that places their bid in the last minutes or seconds of an auction.

T Time Stamp...the time you placed your first bid - used in the event of a tie.

Threshold...the highest price you are willing to pay for an item.

TOS...Terms of Service

V

Vendor...the person or company actually selling an item

Verification...the process to verify the identity and condition of an item.

W

Watchlist...a list of auctions you are interested in.

Y

Yankee Auction...an auction with multiple bids up for sale in which the winner pays the actual price bid.