GB/T 45914-2025 Auction terminology English, Anglais, Englisch, Inglés, えいご
This is a draft translation for reference among interesting stakeholders. The finalized translation (passing thorugh draft translation, self-check, revision and varification) will be delivered upon being ordered.
ICS 03.080.99
CCS A 10
National Standard of the People’s Republic of China
GB/T 45914-2025
Auction terminology
Issue date: 2025⁃08⁃01 Implementation date: 2025⁃08⁃01
Issued by the State Administration for Market Regulation of the People's Republic of China
the Standardization Administration of the People's Republic of China
Contents
Foreword
1 Scope
2 Normative references
3 Fundamental terminologies
4 General terminologies
References
Index
Auction terminology
1 Scope
This document defines the terms and definitions commonly used in auction activities.
This document is applicable to all kinds of textile products.
2 Normative references
This document contains no normative references.
3 Fundamental terminologies
3.1 Basic concepts
3.1.1
auction
way of buying and selling a specific item or property right is transferred to the highest bidder in the form of open bidding
3.1.2
auction activity
process of conducting transactions in the form of open bidding and the highest bidder wins
3.1.3
the auction
bidding activities organized according to the announced time, place, method, etc
3.1.4
bidding
act of competitive bidding
3.1.5
authorization of bidding
act of entrusting an agent to participate in auction activities and exercising the right to buy on his behalf
3.1.6
joint bidding
act in which two or more natural persons, legal persons or other organizations participate in bidding as the same bidder
3.1.7
bidding paddle
in the auction, a sign plate printed with a number to identify the qualification of the bidder or the identity of the bidder
Note: In online auctions, it is generally shown as a group of numbers or a combination of numbers and letters.
3.1.8
bidding deposit
performance guarantee payment paid by the buyer before the auction
3.1.9
bidding limit
according to the amount of bidding bond paid by the bidder and other factors, the sum of the amount determined by the auctioneer that the bidder is entitled to bid
Note: The ratio of the bidding deposit amount to the bidding quota is called the bidding quota ratio.
3.1.10
right of priority
under the same conditions, a specific bidder’s right to preemptively purchase the auction lot according to law
3.1.11
lot
right to a specific item or property that is auctioned
3.1.12
bonded property
auction targets that enter the country without going through tax payment formalities with the approval of the customs, and can be re-shipped out of the country after being stored, previewed and auctioned in the country
3.1.13
defects of the lot
defects in authenticity, quality or rights of the auction object
3.1.14
reserves
floor price
lowest price at which the auction object can be sold as determined by the client
3.1.15
estimates
market expected price (range) that can be used for reference by buyers
3.1.16
starting price
starting price of the bid
3.1.17
bidding increases
bidding ladder
minimum value at which the price increases or decreases each time the bidder bids in an auction
Note 1: The bidding range is set by the auctioneer and explained before bidding.
Note 2: The bidding range is called “price increase range” in the price increase auction, and it is called “price reduction range” in the price reduction auction.
3.1.18
the higher price
at the auction, the price when no one bids after the buyer bids (or quotes)
3.1.19
hammer price
to confirm the highest bid price of the bidder by hammer dropping or other public expression of bid
Note: The announced transaction price of art auction specifically refers to the total amount of hammer price and buyer's commission.
3.1.20
commission of the auction
auction service fees paid by the client and buyer to the auctioneer
Note: Auction commission is divided into principal commission and buyer commission.
