What is a lot in an auction?

A lot refers to a single object or group of objects offered for auction as one identifiable unit. This means a lot could refer to a single painting, or to a set of closely associated works that have been grouped together, such as a series of prints by the same artist.

What are lot numbers?

Each lot is assigned a unique number, which can be used to identify and track it through the auction process. Bidders use the lot numbers to follow the items they are interested in and to place bids.

Lot numbers also dictate the order items will be sold during an auction, and they create a smooth process for auctioneers, who can simply refer to lot numbers rather than needing to name each individual item.

The role of lot numbers continues even after an auction has closed, with sale results, invoices and collection records all using the lot numbers to ensure accuracy within documentation.

What are lot symbols?

Lot symbols refer to the icons or abbreviations used online on the lot page and in catalogues to denote important information about a lot.

The symbols act as a visual shorthand to let bidders know key information on a work, such as Artist’s Resale Right or CITES restrictions.

Buying and selling by lot

When bidding at auction, buyers bid on the lot as a whole. If successful, they acquire everything included in that lot description.

For sellers, how they structure a lot is important, as it can influence the interest and outcome on the object or objects featured in that lot.

In summary

A lot is the individual unit offered for sale at an auction — this can encompass a single item like a painting or watch, or a group of items that are sold together as they’re closely linked. Bidders use lot numbers to follow the items they want to try and buy, with ownership of the lot transferring to the highest bidder once a sale is complete.

For more auction terms, visit our full auction glossary.