A

Absentee Bid
A bid placed in advance by someone who cannot attend an auction in person. The auctioneer executes the bid on their behalf up to the maximum specified amount.

Absolute Auction
An auction in which items are sold to the highest bidder regardless of price, with no minimum or reserve.

Appraisal
A professional evaluation of an item’s value, often used for insurance, resale, or estate planning purposes. Especially common for antiques, jewelry, fine art, and collectibles.

Appraiser
A certified professional who assesses the monetary worth of personal property based on factors like condition, rarity, provenance, and market trends.

As-Is
A term indicating that an item is sold in its current condition with no warranties or guarantees. Common in estate sales where items are not refurbished or repaired.

Auctioneer
A licensed professional who conducts auctions, calls bids, and facilitates the sale of items in an orderly and regulated manner.

Authentication
The process of verifying the legitimacy or origin of an item, such as confirming whether a piece of art is truly by a particular artist.

Antique
An item typically at least 100 years old, valued for its age, rarity, craftsmanship, or historical significance.

Asset Liquidation
The process of converting physical property or assets into cash, often through an estate sale, auction, or consignment.

Appreciation (of Value)
An increase in the value of an asset over time due to market demand, rarity, or condition improvements.

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B

Bid
An offer to purchase an item at a specific price, typically made during an auction. Bids may increase incrementally as buyers compete.

Bid Increment
The minimum amount by which a bid must be raised. Set by the auctioneer to ensure orderly bidding.

Bidder Number
A unique identifier assigned to a registered auction participant. Used to track bids and purchases.

Buyer’s Premium
An additional fee (usually a percentage of the winning bid) paid by the buyer to the auction house or estate service. Disclosed upfront.

Buy It Now
A fixed-price option allowing a buyer to purchase an item immediately without waiting for bidding to end. Sometimes used in hybrid sales or online estate listings.

Book Value
The appraised or recorded value of an item, typically used for financial or insurance purposes. May differ from current market value.

Bulk Lot
A grouping of similar or miscellaneous items sold together as one unit. Often used to clear out large quantities quickly.

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C

Catalog (Auction Catalog)
A printed or digital listing of items available for sale, often including descriptions, photos, and estimated values. Used in both estate and silent auctions.

Certificate of Authenticity (COA)
A document verifying that an item—usually artwork or collectibles—is genuine. Often issued by the artist, maker, or a third-party expert.

Collectible
An item valued for its rarity, popularity, or demand among collectors. Includes coins, vintage toys, sports memorabilia, etc.

Commission
A fee paid to an estate sale company or auctioneer, typically a percentage of total sales. Covers their services, labor, and marketing.

Consignment
An agreement where a seller entrusts an item to a third party (like an estate sale company) to sell on their behalf. The seller receives payment after the item sells, minus commission.

Condition Report
A detailed description of an item’s physical state, noting any flaws, repairs, or signs of wear. Important for high-value or delicate pieces.

Comparable Sales (Comps)
The recent sale prices of similar items, used to estimate the value of an object being appraised.

Clear-Out
The process of removing unsold items and cleaning out a home after an estate sale or downsizing. Can involve donation, disposal, or additional liquidation.

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D

Dealer
A person who buys items (especially antiques or collectibles) with the intent to resell them for profit, often at estate sales or auctions.

Deaccession
The formal process of removing an item from a collection, typically used by museums or estates downsizing collections of significant value.

Depreciation
A decrease in the value of an item over time due to wear, market trends, or changing demand.

Downsizing
The process of reducing personal belongings, often due to a move to a smaller home, retirement, or lifestyle change. May involve holding an estate sale or liquidation.

Donation Pickup
A service that collects unsold or unwanted items from an estate sale to be donated to local charities or thrift stores.

Display Setup
The strategic arrangement of items during an estate sale to attract buyers and highlight valuable pieces. Often handled by professionals.

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E

Estate
All the assets and belongings owned by an individual at the time of their passing or during a transition such as a move or downsizing.

Estate Liquidation
The process of selling off the majority or entirety of an estate’s contents, often quickly and efficiently, through sales, auctions, or buyouts.

Estate Sale
A public or private sale of a person’s belongings, typically after death, downsizing, or relocation. Usually managed by a professional service.

Estate Sale Company
A business that specializes in organizing, pricing, marketing, and managing estate sales on behalf of clients.

Estate Planning
The legal and financial process of preparing for the distribution of one’s assets after death. Often includes wills, trusts, and item appraisals.

Estimate (of Value)
A professional opinion of what an item might sell for in current market conditions. Used to set expectations for clients or guide pricing.

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F

Fair Market Value
The price an item would sell for on the open market between a willing buyer and seller. Often used for appraisals and estate settlements.

Findings
The small components or miscellaneous items discovered during a home cleanout, which may include jewelry, coins, or keepsakes.

Fixed Price Sale
A sale format where each item has a set price rather than being auctioned. Common in traditional estate sales.

Furniture Mark
A label, stamp, or brand identifier found on antique or vintage furniture that helps determine its maker, age, and value.

Fine Art
Paintings, sculptures, or other art forms created primarily for aesthetic purposes. Often appraised separately in estate sales due to their high value.

For Sale By Owner (FSBO)
A sale managed by the homeowner or family without hiring a professional estate sale company. Often involves less support but more direct control.

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G

Gallery Auction
An auction held in a professional setting or showroom rather than at the estate location. Often used for high-value or curated items.

Garage Sale
A casual, often smaller-scale sale of personal items typically held by homeowners. Unlike estate sales, garage sales usually involve fewer valuable goods.

Gavel
The small wooden hammer used by an auctioneer to signal the final bid and end of bidding on an item.

Grading (Condition)
A standardized assessment of an item’s condition, especially for collectibles like coins, comics, or cards. Grades affect value.

Guarantee
A promise or assurance regarding the authenticity or condition of an item. Most estate sales sell items “as-is,” meaning no guarantees are provided.

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H

Hammer Price
The final winning bid in an auction, announced when the auctioneer brings down the gavel (or says “sold”). Does not include buyer’s premium or taxes.

Heirloom
An item of sentimental or historical value passed down through generations. May be kept or appraised during an estate settlement.

House Cleanout
A full-service process of emptying a home of its contents, typically after an estate sale. Includes removal, donation, and disposal of unsold items.

Hold Harmless Agreement
A contract that releases the estate sale company from liability in case of injury or damage during the sale.

Hidden Treasures
Unexpectedly valuable or rare items found during the estate sale process, often overlooked by the untrained eye.

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I

Inspection Period
A designated time before an auction or sale when potential buyers can view and assess items in person.

Inventory List
A detailed record of all items available for sale, often categorized and used for pricing, tracking, or insurance purposes.

Insurance Appraisal
A formal valuation of an item for the purpose of obtaining or updating insurance coverage.

Investment Piece
A high-value item purchased with the expectation that it will appreciate over time, such as fine art or rare collectibles.

Inherited Property
Items passed down through a will or estate. Often part of estate sales, especially when the heirs choose not to keep everything.

J

Jewelry Appraisal
A professional assessment of a piece of jewelry’s value, often including details like metal type, gemstone quality, and craftsmanship.

Judicial Sale
A court-ordered sale of property or assets, typically to satisfy a debt, estate settlement, or legal judgment. May involve auctions or liquidation.

Junk Removal
The service of hauling away unsellable or unwanted items after a downsizing, cleanout, or estate sale. Often partnered with donation or recycling efforts.

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K

Keepers
Items identified by the family or owner as sentimental or necessary to retain during an estate cleanout or downsizing process.

Kiln-Fired Pottery
Ceramic pieces created using a kiln; may be collectible or artist-signed. Valuation depends on condition, maker, and provenance.

Knockdown Price
Another term for “hammer price,” referring to the final winning bid at auction when the auctioneer declares the item sold.

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L

Liquidation Sale
A sale focused on converting property or belongings into cash, often quickly. Used in estate, business, and moving contexts.

Lot
A group of items bundled together for sale as a single unit. Common in auctions to simplify the process or move lower-value items.

Local Pickup Only
A sales term indicating that an item is too large or fragile to ship and must be picked up in person by the buyer.

Label (Manufacturer’s)
A tag or stamp on furniture, clothing, or collectibles that identifies the maker, helping determine authenticity and value.

Legacy Item
An object considered part of a person’s lasting story or family history, often chosen to be passed down rather than sold.

Limited Edition
An item produced in a restricted quantity, increasing its potential value among collectors, especially if it’s numbered or signed.

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M

Market Value
The estimated price an item would fetch on the open market, based on current demand, condition, and comparable sales.

Memorabilia
Items collected for their historical or sentimental significance, often related to sports, movies, music, or pop culture.

Minimum Bid
The lowest amount that will be accepted to start bidding on an item. Used to protect higher-value items at auction.

Marked Price
The listed selling price of an item in a fixed-price estate sale, as opposed to a bid-based value in an auction.

Mid-Century Modern
A popular style of furniture and décor from the mid-20th century, often highly collectible and sought after in estate sales.

Mirror Pricing
A pricing strategy where similar items are priced in alignment to create consistency and fairness across an estate sale.

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N

No Reserve
An auction listing where there is no minimum price set. The item will sell to the highest bidder regardless of final bid amount.

Notarized Document
A legal document validated by a notary public. Sometimes used in estate planning or proof of ownership in high-value transactions.

Non-Sellable Items
Items deemed unsuitable for sale due to poor condition, safety concerns, or lack of market value. Often donated, discarded, or recycled.

Niche Collectible
A specialized category of items collected by a specific audience, such as vintage typewriters, fountain pens, or Pyrex.

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O

Opening Bid
The first bid placed in an auction or the minimum amount accepted to start bidding. Often set by the auctioneer or estate company.

Online Auction
A digital platform where estate items are listed for bidding over a set period of time. Buyers participate remotely rather than in person.

Organizing Service
Professional help used to sort, categorize, and prepare belongings for an estate sale, especially during downsizing.

Original Packaging
The item’s factory or retail packaging. Can increase value for collectibles, electronics, or vintage toys.

Overhead Costs
The operating expenses incurred by an estate sale company, which may influence commission rates or service pricing.

Owner’s Rights
The legal and decision-making rights retained by the property or item owner during an estate sale process, including final say on pricing or removal.

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P

Preview Day
A scheduled time before the estate sale or auction begins when potential buyers can view items in person.

Provenance
The documented history of an item’s ownership, which can significantly affect its value, especially in art, antiques, and collectibles.

Private Sale
A direct sale between the seller and a buyer, outside of a public estate sale or auction. May involve high-value or sensitive items.

Pricing Strategy
The method used to assign prices to items in an estate sale. Can be based on market comps, condition, or speed of liquidation.

Pick-Up Window
The scheduled timeframe during which buyers must retrieve purchased items. Especially important for online or silent auctions.

Professional Organizer
A specialist hired to help sort, declutter, and prepare items for sale or donation during downsizing or estate transitions.

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Q

Qualified Appraiser
An individual recognized for their expertise and credentials in valuing personal property. Often required for IRS valuations or insurance.

Quick Sale
A fast-turnaround sale, typically used when there are time constraints. May involve lower pricing to move items rapidly.

Quilt Appraisal
A niche appraisal focused on handmade quilts, evaluating craftsmanship, fabric, age, and historical context.

Quiet Sale
A low-profile or invitation-only estate sale, often used for high-end or private estates where discretion is desired.

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R

Reserve Price
The minimum price that must be met for an item to sell at auction. If bidding does not reach this price, the item is not sold.

Reseller
An individual or business that purchases items at estate sales to resell for profit, either online or in retail settings.

Refinishing
The process of restoring furniture or wood surfaces. Can enhance value if done professionally but may reduce value on antiques if it alters originality.

Rustic Decor
A style featuring natural, vintage, or worn-looking items. Frequently found in estate sales and popular for home staging or resale.

Remediation Services
Specialized services that handle issues like mold, hoarding, or biohazard cleanup before an estate sale can be held.

Receipts (Provenance)
Documentation of purchase or ownership that supports the history and authenticity of an item, especially useful in valuing antiques or collectibles.

S

Silent Auction
A type of auction where bids are written down rather than spoken aloud. Buyers submit offers privately, and the highest bid at the end wins.

Settle an Estate
The legal and logistical process of distributing a deceased person’s assets, including selling belongings, paying debts, and executing the will.

Sorting Service
Professional assistance in categorizing and organizing items before a sale, often to separate keep, sell, donate, and discard piles.

Staging
Arranging items in a visually appealing way to enhance buyer interest and create a retail-like experience during a sale.

Storage Unit Auction
An auction held to sell the contents of a storage unit, typically due to nonpayment. Can include a wide mix of items.

Specialty Item
A unique or niche object, such as vintage musical instruments or rare books, that may require a specialist for accurate valuation.

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T

Tag Sale
Another name for an estate sale, where each item is individually priced with a tag. Commonly used in the northeastern U.S.

Tax Deduction (Donation)
The potential reduction in taxable income when donating unsold items from an estate sale to a qualified charity.

Tear Sheet
A page from a catalog or publication showing an item’s original price or listing. Useful for documenting provenance and value.

Terms of Sale
The conditions under which items are sold, such as payment methods, pickup requirements, and return policies. Typically posted at estate sales or online listings.

Third-Party Buyer
A purchaser who is not related to the estate but buys on behalf of someone else — often a dealer, collector, or interior designer.

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U

Unsold Inventory
Items that remain after the conclusion of a sale. May be donated, discounted further, or disposed of based on condition and value.

Upscale Estate Sale
A higher-end sale featuring luxury goods, designer items, or fine art. Often marketed to a more targeted audience.

Used Condition
An item that shows signs of previous use but is still functional. Important for pricing and buyer expectations.

Utility Items
Practical household goods like tools, cleaning supplies, and appliances. Often attract bargain hunters at estate sales.

Uniform Standards of Professional Appraisal Practice (USPAP)
A set of ethical and performance standards followed by professional appraisers in the U.S.

V

Valuation
The process of determining an item’s current market worth. Can be informal (for pricing) or formal (for legal or insurance purposes).

Vintage
Items typically 20–99 years old that reflect the style or quality of a past era. Highly collectible when in good condition.

Vendor
A third-party seller or service provider at an estate sale, such as a jewelry buyer or furniture dealer. Sometimes brought in for specialty items.

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W

Walk-Through
An in-person review of a home by an estate sale professional to assess the quantity, quality, and value of items before planning a sale.

White Glove Service
A premium, full-service estate sale offering that includes everything from sorting and staging to cleanup and donation coordination.

Willed Items
Specific items designated to heirs in a will. These are typically removed from the estate prior to public sale or auction.

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X

Xerox Copies (of Documentation)
Photocopies of original receipts, appraisals, or provenance documents, often provided to buyers to verify authenticity.

(Note: “X” terms in estate sales are rare. This entry is included for completeness.)

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Y

Yard Sale
A casual, outdoor sale typically run by homeowners. While similar to an estate sale, yard sales are usually smaller in scale and scope.

Year-Marked Collectibles
Items produced in limited runs tied to a specific year — such as holiday ornaments, dated coins, or commemorative merchandise.

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Z

Zestimate
An online home value estimate tool by Zillow. Occasionally referenced during estate planning when evaluating real estate holdings.

Zero Buyer’s Premium
An auction with no additional fees charged to the winning bidder. Sometimes used to attract more participants.

Zoning Restrictions
Local regulations that may affect where and how an estate sale can be held, especially in residential neighborhoods or HOA communities.