GLOSSARY
Auction – an event or place where things are sold to the person who is willing to
Pay the most for them
* A lot of fine art is sold at auctions because it would be difficult to put a price tag
On the pieces.
Auctioneer – a person whose job is to lead an auction, announcing what is for
Sale and identifying who is willing to pay the most money
* If you want to buy something, make sure the auctioneer can see and hear you.
Podium – a small raised area that is a little higher than the surrounding floor,
Where a speaker stands so that he or she can be seen by the audience, and/or a
Wooden stand the speaker stands behind and places books or notes on so that
He or she can read the notes while facing and speaking to the audience
* Whenever he approaches the podium, he gets really nervous, his heart rate
Speeds up, and his hands begin to sweat.
Gavel – a wooden hammer held in one’s hand and hit against a table to get
Everyone’s attention, especially in a courtroom
* The judge hit her gavel on the table to get everyone’s attention.
Bidding – the process of many people taking turns announcing how much they
Are willing to pay for something until only one person is willing to pay the final
Price
* Some people get too excited during the bidding and they end up spending more
Money than they had planned.
Lot – a group of objects that are sold together
* They saved a lot of money by buying baby clothes in lots on eBay.
Reserve – the minimum price at which something will be sold
* The car didn’t sell because nobody was willing to pay more than $5,000 and the
Reserve was $7,500.
Opening bid – the amount proposed by the auctioneer to begin bidding on a
Particular item, so that the first bid is equal to that amount
and all other bids must
Be higher
* If the opening bid is too low, the bidding process can take a long time.
Auction block – the raised surface where objects are displayed as they are sold
At an auction
* Are bidders allowed to go up to the auction block and take a closer look at what
They’re bidding on?
On behalf of – doing something for another person, especially someone who is
Not able to do something at a particular place and time
* I am honored to accept this award on behalf of all our team members.
Absentee – someone who cannot be present; someone who is not able to be at
A particular place and time to participate in some meeting or activity
* Our state allows absentee voters to vote by mail.
Paddle – a flat round or square piece of wood or plastic with a handle, held in the
Air with one’s hand, usually marked with a large number so that one can place a
Bid at an auction
* If the auctioneer sees your paddle in the air, she’ll assume you’re bidding on
The item she’s talking about.
Going, going, gone – a phrase used by an auctioneer when he or she thinks
Only one person is still bidding, indicating that the opportunity to bid will end and
Nobody else will be able to buy something
* I hear $235. Is that the final bid? Going, going, gone to the lady in the blue hat.
Commission – the percentage of a sales price that one receives for helping to
Sell something
* The clerks at this store work on commission, so they’re always eager to help
Shoppers make a purchase.
Or else – a threat; a phrase used to show another person that he or she must do
What one is asking, or there will be negative, unspecified consequences
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