That's a great question. Here is a short lexicon of auction jargon:

auction

n. A forum for selling a set of objects each to the highest bidder.

auctionbot

n. A software agent (typically running under UNIX) which accepts bids, usually via Internet e-mail, and sends out updates, usually via Internet e-mail.

auctioneer

n. One who conducts an auction; one who sells items and solicits bids.

AucZILLA

n. 1. The largest LEGO^® auction ever. 2. The name of the software used in the AucZILLA auction.

bid

n. An offer from a particular bidder with an intent to buy a given item for a given price.

bid

v. To submit a bid.

bidder

n. An active participant in an auction; one who submits bids.

bidding war

n. A situation in which two or more bidders are engaged in a staggering competition for a particular item or set of items.

blowout bid

n. A pricepoint on a given item at which, if a bid is submitted, the item is immediately marked sold to the bidder submitting the blowout bid.

bump [a bidder]

v.t. To oust another bidder from his position by overturning his bid.

drive-by auction

n. An auction held by someone who is neither a regular contributor to the newsgroup nor a lurker.

going once

adj. 1. First solicitation by the auctioneer for a higher bid. 2. An item with an immature bid.

going twice

adj. 1. Second solicitation by the auctioneer for a higher bid. 2. An item with a mature bid. 3. Last call for higher bids on a given item.

high bid

n. 1. The highest bid submitted for a given item. 2. A tentative association between an item and a bidder.

high bidder

n. The bidder with the high bid on a given item.

item

n. An object or set of objects for sale in an auction upon which bids are submitted.

lot

n. Same as item.

mailing list

n. A collection of bidder, organized by e-mail address, to which periodic updates are sent by the auctioneer or auctionbot.

minimum bid

n. Same as opening bid.

minimum bid increment

n. The minimum additional monetary amount required to register a newer, higher bid. In some auctions this is a fixed amount, in others it depends on the current high bid.

minimum raise

n. Same as minimum bid increment.

observation list

n. A bidder-specific list of items which appear in periodic or aperiodic updates sent by the auctioneer and which the bidder is presumably interested in obtaining.

once, twice, sold

n. A type of auction in which bid ages are attached to items. See going once, going twice, and sold.

open

adj. An item which has not yet received a bid.

open [bidding]

v.t. To submit an opening bid on an item.

opening announcement

n. A general announcement of an auction to the newsgroup, giving rules and/or listing items for sale.

opening bid

n. The minimum price at which a given item will sell; the minimum acceptable bid.

overturn [a bid]

v.t. To raise a bid. See also bump.

pending

adj. A high bid that is not yet sold; a bid that is standing, going once, or going twice.

pseudonym

n. A short nickname or unique handle used in place of a real name when a bidder wishes anonymity.

quick-sale price

n. Same as blowout bid.

raise [a bid]

v.t. Same as overturn.

rec.toys.lego.marketplace

n. A USENET newsgroup which does not yet exist but which will inevitably be created to support and nurture the ever- growing bandwidth of LEGO^® auctions, trading posts, and other LEGO^® transactions now clogging rec.toys.lego and hindering wholesome and productive discussions centered around design and play.

sold

adj. Within the context of an auction, a permanent association between an item and a bidder.

splash page

n. The first screenful of information people see when they read the newsgroup and encounter your opening announcement.

standing bid

n. A bid which has been neither challenged nor solicited for higher bids; the new high bid.

state

n. The maturity of a bid on an item, either open, standing, going once, going twice, or sold.

submit [a bid]

vt. To cause a bid to be sent from a bidder to an auctioneer or auctionbot, usually via e-mail.

teaser

n. A sneak preview of an auction posted to the newsgroup before the real announcement.

up [a bid]

v.t. Same as overturn.

update

n. 1. An instantaneous snapshot of some or all of the items in an auction, listing for each item the high bid and the high bidder, usually in an easy-to-read tabular form. 2. An e-mail message or newsgroup posting containing the partial or entire status of the auction.

watch list

n. Same as observation list.

8 Jan 96 [TSL]