What is online auction?

Itself.

Auction chant - a rhythmic repetition of numbers and "filler words" spoken by an auctioneer in the process of conducting an

auction.

Auction fever - an emotional state elicited in the course of one or more auctions that causes a bidder to deviate from an

initially chosen bidding strategy.[69][70]

Auction house - the company operating the auction (i.e., establishing the date and time of the auction, the auction rules,

determining which item(s) are to be included in the auction, registering bidders, taking payments, and delivering the good

to the winning bidders).

Auctioneer - the person conducting the actual auction. They announce the rules of the auction and the item(s) being

auctioned, call and acknowledging bids made, and announce the winner. They generally will call the auction using auction chant.

The auctioneer may operate his/her own auction house (and thus perform the duties of both auctioneer and auction house), and/or work for another house.

Auctioneers are frequently regulated by governmental entities, and in those jurisdictions must meet certain criteria to be licensed (be of a certain age, have no

disqualifying criminal record, attend auction school, pass an examination, and pay a licensing fee).

Auctioneers may or may not (depending on the laws of the jurisdiction and/or the policies of the auction house) bid for their own account, or if they do must

disclose this to bidders at the auction; similar rules may apply for employees of the auctioneer or the auction house.

Bidding - the act of participating in an auction by offering to purchase an item for sale.

Buyer's premium – a fee paid by the buyer to the auction house; it is typically calculated as a percentage of the winning bid and added on it. Depending on the

jurisdiction the buyer's premium, in addition to the sales price, may be subject to VAT or sales tax.

Buyout price – A price that, if accepted by a bidder, immediately ends the auction and awards the item to him/her (an example is eBay's BuyItNow feature)

Choice - a form of bidding whereby a number of identical or similar items are bid at a single price for each item

Clearance rate – The percentage of items that sell over the course of the auction.

Commission – a fee paid by a consignor/seller to the auction house; it is typically calculated as a percentage of the winning bid and deducted from the gross

proceeds due to the consignor/seller.

Consignee and consignor - as pertaining to auctions, the consignor (also called the seller, and in some contexts the vendor) is the person owning the item to be

auctioned or the owner's representative,[65] while the consignee is the auction house. The consignor maintains title until such time that an item is purchased by a