Auction glossary
Unsold lot (bought in)
Also known as · Bought in · Passed lot · Unsold
- Definition
- A lot that does not find a buyer at the sale, usually because bidding did not reach the reserve. The lot is passed or bought in, and may then be offered after the sale, re-offered later or returned to the consignor.
Unsold lots still create work. The consignor must be informed, the lot may be offered in the after-sale at or near the reserve, and some consignment contracts charge a fee or insurance on unsold lots.
In Selloff, unsold lots can stay open to offers after a live sale or return to the inventory for another catalogue. They appear on the consignor's results list and statement with any agreed charges, such as a lot fee or insurance on unsold lots.
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