What is the term for the first bid placed in an auction?

The term "opening bid" is used to describe the first bid placed in an auction. This bid sets the stage for the auction and establishes the minimum amount that other bidders can exceed. The opening bid is crucial because it creates a baseline amount and can influence the bidding environment, potentially encouraging more competitive offers from other bidders.

The other terms, while they may be related to the process of bidding, do not accurately represent the specific role of the first bid in an auction setting. "Starting amount" and "initial offer" might imply a starting point but are not standardized terms within the auction industry. Similarly, "first proclamation" lacks the direct connection to the bidding process and is not a recognized term in auction terminology. Understanding the role of the opening bid is essential for anyone involved in auctions, as it can significantly impact the final outcome and dynamics of the bidding war that follows.