In auction terminology, what is a "lot"?

In auction terminology, the term "lot" refers to a specific item or group of items that are being auctioned off during an event. This can include anything from an individual object, like a piece of art or a collectible item, to a collection of items that are sold together as a single unit. The use of "lot" helps to clearly define what is being bid on and allows bidders to understand exactly what they are competing for in the auction.

This terminology is crucial for both auctioneers and bidders as it streamlines the auction process, ensuring that there is no confusion about what is being sold. For example, during a live auction, the auctioneer will refer to each lot by a number or description, guiding the participants on what items are up for bidding at any given time.