Bid (verb/noun) - an offer of money for something at an auction, Bidder - a person who makes a bid, Auctioneer - the person who runs the auction, Lot - an item or group of items up for auction, Reserve price - the minimum price a seller will accept for an item, Hammer price - the final price at the end of bidding, once the auctioneer "hits the hammer", Winning bid - the highest bid that wins the auction, Buyer's premium - an additional fee added to the winning bid,

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