A Higher Calling Benefit Auctions

Calling Benefit Auctions, Achieving HIGHER Results!

Below are some of the more common terms that may be used in benefit auctions.  For more auction terms and information about the auction industry, visit the National Auctioneers Association or the Missouri Professional Auctioneers Association websites.

Auction

A method of selling property in a public forum through open and competitive bidding. Also known as “public auction” or “auction sale.”

Auctioneer

The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. This person may or may not actually call or “cry” the auction.

Auction Plan

The plan for pre-auction, auction-day and post-auction activities.

Benefit Auction Specialist (BAS)

A professional designation awarded by the NAA Education Institute designed to teach professional auctioneers the planning techniques that create successful benefit auctions. BAS auctioneers learn marketing skills and create a business strategy to build their clientele and profits. In order to be designated with the BAS, auctioneer-scholars are required to complete 21 classroom hours, a detailed written auction summary report, proof of at least six benefit auctions and 24 hours of continuing education every three years.

Bid

A prospective buyer's indication or offer of a price they are willing to pay to purchase property at auction. Bids are usually in standardized increments established by the auctioneer.

Bid Assistants

Individuals of a live auction team whose primary responsibility is to accurately interpret and effectively communicate buyer participation to their auctioneer. They should also be qualified to assist prospective bidders with the necessary information to make a better informed buying decision. Also known as “ringmen”, “bid spotters” or “groundsmen.”

Bidder Number

The number issued to each person who registers at an auction. 

Certified Auctioneers Institute (CAI)

The professional designation awarded to practicing auctioneers who meet the experiential, educational and ethical standards set by the NAA Education Institute. In order to be granted the CAI designation, auctioneer scholars must have been practicing full-time auctioneers for at least two year (prior to attending the institute), attend all three years of CAI with more than 120 classroom hours, complete all special projects and complete 24 hours of continuing education every three years.

Opening Bid

The first bid offered by a bidder at an auction.

Tie Bids

When two or more bidders bid exactly the same amount at the same time. This must be resolved by the auctioneer.

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