This term is used to describe the successful bid for a lot at auction. It is the sale price before the addition of the buyer's premium or sales tax, if applicable.
Price a lot sells for to the highest bidder. Term relates to the auctioneer striking a gavel (literally or figuratively) to signify the sale of a lot. ncrement - Amount of money an auctioneer seeks to advance the bid for a lot.
in an auction, the price for which a lot is sold