Auction glossary
Knock-down
Also known as · Fall of the hammer · Hammer fall
- Definition
- The moment the auctioneer brings down the hammer and declares a lot sold to the highest bidder. In most legal systems, the knock-down concludes the contract of sale at the hammer price.
Before the knock-down, the auctioneer usually gives a final warning so that no bidder is taken by surprise. The clerk records the hammer price and the paddle number at that moment.
In Selloff, recording the result marks the lot as sold, so no further bids or offers are accepted on it. Invoicing then happens from the bidders to invoice screen.
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