Absentee Bidder: 1. A bidder participating in a public auction, but personally not present at the auction. 2. Book Bidder. 3. Order Bidder. 4. Bidder represented by an Auction Agent.

AAMC: American Air Mail Catalogue (USA) [abbr.].

APEX: American Philatelic Expertising Service (State College, PA, U.S.A.) [abbr.].

APS: American Philatelic Society [abbr.].

ASDA: American Stamp Dealers Association [abbr.].

"As Is" Auction Lot: An auction lot designated as being sold without warranty, with the auction lot not being returnable to the auctioneer for any reason.

Auction Agent: A representative designated by an Absentee Bidder or a bidder requiring anonymity during an auction (the client), and authorized to represent the client during the bidding procedures.

Bid Book: The auction house data base composed of bids submitted by Absentee Bidders on the lots offered at auction, with the Bid Book being maintained manually or by electronic means.

"Bidding Against the Ceiling": see: "Running Up the Bidder."

"Bidding Against the Curtains": see: "Running Up the Bidder."

Bidding Increments: The series of regularly increasing currency intervals called by the auctioneer during the bidding process for a lot.

Bidding Circle: 1. A group composed of two or more participants agreeing either not to bid against each other during a public auction, or to keep bids below a certain pre-agreed amount. 2. Crossing Off [slang].

Bidding Paddle: The card or similar item with an number assigned specifically for the bidder registered with the auctioneer, and used during the auction to denote active participation in the bidding procedures during the sale.

Bid Rigging: see: 1. Bidding Circle. 2. Crossing Off. 3. Shill.

Book Bidder: see: Absentee Bidder.

Book Bid: 1. Bids entrusted by an Absentee Bidder to an auctioneer. 2. Bids to be executed on behalf of an Absentee Bidder during the course of the public auction.

"Bought In" Lot: 1. An auction lot announced by the auctioneer as remaining unsold because the Stated Reserve or Hidden Reserve for the lot was not received by the auctioneer. 2. an Unsold Lot. 3. a "Returned to the Owner" lot.

Bundesprüfer: see: Expertiser / Expertising Committee.

Buyer's Fee: see: Buyer's Premium.

Buyer's Premium: 1. The percentage premium added to the Hammer Price of a lot, and retained by the auctioneer as part of the commission for selling the lot. 2. the Buyer's Fee. 3. the "Tip" [slang].

Buy Bid: The practice whereby a bidder instructs an auctioneer or Auction Agent to purchase a lot regardless of the ultimate Hammer Price.

Auctioneer’s Terms

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