Estate Sale Jargon: Every Term You'll Hear Explained
Estate sales, auctions, and consignment shops have their own vocabulary — and misunderstanding a term can cost you money or create conflict. 'As-is' means something specific. So does 'buyer's premium,' 'provenance,' 'lot,' and 'reserve.' This glossary covers every term you're likely to encounter, organized so you can find what you need quickly.
Sale Format Terms
'Estate sale' refers to a sale of a household's contents, typically after a death, divorce, or major downsizing. It's held at the home or a company's facility. A 'yard sale' or 'garage sale' is seller-organized and usually priced lower. A 'liquidation sale' prioritizes speed over maximum price. An 'auction' sets prices through competitive bidding rather than fixed tags. 'Consignment' means the seller's items are held by a shop or company that takes a commission (typically 30–50%) when sold.
Pricing and Payment Terms
'As-is' means the item is sold in current condition with no returns, no warranties, and no adjustments for defects discovered after purchase. 'Firm' means the price is non-negotiable. 'OBO' (or best offer) means the seller will consider lower offers. 'Buyer's premium' is an additional fee — typically 10–25% — added to the winning bid at auctions. If a lot hammers at $100 with a 15% buyer's premium, you owe $115 plus any applicable tax.
Item Condition Terms
'Mint' means unused, in original packaging, no flaws. 'Excellent' means minimal use with no visible damage. 'Good' means normal wear consistent with age and use. 'Fair' means noticeable flaws but functional. 'For parts' or 'as found' means the item may not be functional and is priced for parts or project use. 'Repro' (reproduction) means it's a modern copy of an antique, not an original — significant for value.
Authentication and Provenance Terms
'Provenance' is the documented ownership history of an item — where it came from and who owned it. Strong provenance can significantly increase value. 'Hallmarks' are stamps on metal (especially silver and gold) that indicate maker, purity, and date. 'Signed' on art means the artist's signature is present. 'Attributed to' means experts believe it's by a particular maker but it lacks confirmed documentation.
Auction-Specific Terms
'Reserve' is the minimum price below which the seller won't sell. If bidding doesn't meet the reserve, the item passes unsold. 'No reserve' means it sells to the highest bidder regardless of price. A 'lot' is a single auction item or group of items sold together. 'Hammer price' is the final bid accepted. 'Absentee bid' is a maximum bid submitted in advance when you can't attend in person.
Organizational Terms
'Estate sale company' refers to a professional company hired to organize, price, and staff the sale in exchange for a commission (typically 25–40% of gross). 'Preview' is a scheduled time before the sale opens when buyers can view but not purchase items. 'Numbered tickets' are distributed in line-order at popular sales to control entry. 'Soft close' at online auctions means the bidding period extends if bids arrive in the final minutes.
Use FindA.Sale to find estate sales, auctions, yard sales, and consignment events near you — with listing details that tell you exactly what to expect before you arrive.