During an auction, what does the term "lot" refer to?

The term "lot" in the context of an auction refers specifically to an item or a collection of items that is being sold as a single unit. Each lot is identified and designated for bidding, allowing participants to place their bids on that particular item or group of items. Understanding this terminology is essential for anyone participating in an auction, as it clarifies what is being offered for sale at any given time.

For example, an auction may feature multiple lots, where one lot could be a painting, another lot could be a set of vintage coins, and yet another could be a piece of furniture. Each lot will have its own starting bid and may appeal to different bidders based on the items being offered. This concept is central to the auction process, distinguishing it from other bidders or auctioneers or the methods of payment that could be utilized in the transaction.