Auction glossary
Lot
- Definition
- An object or group of objects offered for sale as a single unit under one lot number. A lot is described, estimated and sold as a whole, for a single hammer price.
A lot can be a single painting, a coin, a letter or a box of stamps sold together. Grouping low-value items keeps a sale manageable; splitting a collection into many lots can raise the total. Each lot needs an internal reference that stays the same if it is unsold and re-offered later, separate from the lot number it receives in each catalogue.
In Selloff, every lot has a permanent reference and can carry a barcode label, and its history across sales is kept.
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