Lot Description: The auctioneer's identification of the material being offered at auction.
Minimum Bid: 1. The auction catalogue stated minimum price the auctioneer will accept for the lot. 2. the Starting Bid.
Non-Stated Reserve: see: Hidden Reserve.
NVPH: Nederlandsche Vereeniging van Postzegelhandelaren (Netherlands Stamp Dealers Association)[Netherlands]
Opening Price: The beginning selling price of the lot as announced by the auctioneer indicating the price at which the bidding commences. The Opening Price can represent a bid one increment over the second highest Book Bid, the highest Book Bid, or the Reserve Price for the lot.
Opinion: see: Expertise/Expertise Committee.
Order Bidder: see: Absentee Bidder.
Paddle: see: Bidding Paddle.
"Paralysis of the Arm" Bidding: 1. The floor bidding procedure whereby the participant denotes the intention of bidding by raising the bidding paddle, or equivalent, throughout the bidding process, without lowering the instrument during the calling of the bidding increments. 2. "Statue of Liberty" bidding [slang].
P, PH, Photo: Standard auction catalogue abbreviations indicating that a lot or a portion of a lot has been illustrated.
Pass: The auctioneer's terminology designating that a lot has been hammered down, but that the lot remains unsold because the final bid did not reach the Hidden Reserve.
PF: Philatelic Foundation (New York) [abbr.].
PFC: Philatelic Foundation Certificate [abbr.].
Price on Request (POR): 1. Rarely used in the U.S.A., the terminology stated in an auction catalogue when designating that a lot's value is sourced by contacting the auctioneer for the estimated price. 2. Preis auf Anfrage [Germany]. 3. Prix sur Demande [France]. 4. Prezzo a Richiestra [Italy]. 5. Precio sobre Demanda [Spain].
Prices Realized: A published listing of the prices realized on individual lots sold during an auction, usually designated as being either the Hammer Price amount , or the Hammer Price + Buyer's Premium amount.
Provenance: 1. The origin and/or previous owner(s) of the philatelic material being offered at auction, usually attributing ownership to a prestigious collector or institution. 2. the designation for this type of philatelic material (ex-Ishikawa, ex-Farouk Collection, etc.).
PSE: Professional Stamp Experts (Miami, FL, U.S.A.) [abbr.].
PSE Certificate: Professional Stamp Experts Certificate [abbr.].
PTS: Philatelic Traders Society (U.K.)[abbr.].
Reserve Price: 1. The catalogue stated or non-stated minimum price acceptable by the auctioneer or the owner of the lot. 2. the Stated Reserve. 3. the Hidden Reserve.
"Returned to the Owner" Lot: see: "Bought In" Lot.
"Running Up the Bidder": 1. The practice designed to artificially create higher realizations for an auction lot by "accepting" bids from non-existent bidders. 2. "Bidding Against the Ceiling" [slang]. 3. "Bidding Against the Curtains" [slang]. 4. bidding against a "Ghost Bidder" [slang].
Schätzpreis: see: Estimated Value.