Auction Terms You Should Learn

At auctions, you can expect auctioneers to be talking a mile a minute and buyers quickly waving their paddles in the air. Although the process is fairly simple there are many terms that an inexperienced bidder wouldn’t know.  

Knowledge of these  common auctioneer terms can be the key to success:

Auction Terms You Should Learn

Auction chant                                

Known as “the chant,” auctioneers’ fast-talking styles date back to the 1920s. The chant consists of three parts: the statement (“I’m bid ten dollars”), the suggestion (“Ten dollars, twenty dollars”), and the question (“Do I hear 30?”).

Filler words

Filler words are any words used between bids to keep the rhythm of the chant going. Each auctioneer uses words differently to create their own unique style. The use of filler words also gives buyers a brief moment to think about their bids.


If you watch shows like Antiques Roadshow, you may be familiar with the term “provenance.” Provenance refers to the item’s ownership history, tracing back to its creation. A long and well-documented provenance can increase the value of an object up for auction.

Estate Auction:

The sale of property left by a person at his/her death. An estate auction can involve the sale of personal and/or real property.

Competing bid:

During a sale, the auctioneer may be accepting competing bids for an item from various sources; these include (but are not limited to):

  • bids from an in-house audience
  • telephone bids
  • book bids
  • absentee bids
  • other bidding platforms

Hammer price

The hammer price is the final, winning bid. The word “hammer” is a reference to the bang of the auctioneer’s gravel or hammer that seals this final bid.

When you’re planning your next auction, contact us at Smith & Co. Auction & Realty, Inc. and let us help you make it a success! We’ve been in business for over 30 years selling everything from farm machinery to ranches, as Northwest Oklahoma’s premier choice for land and real estate auction needs!

­­­­­­­Benefits of Real Estate Auctions

Trying to buy or sell a home or property on your own can become a headache and a hassle. What if few, if any, people are interested in it? How are do you find the right buyers?  

An auction, on the other hand, is about bringing like-minded people together for a purpose, and auctions help draw attention to things.

Smith & Company, for instance, has an intricate knowledge of the local market, helping individuals and families find their dream home. In addition, Smith & Company helps sellers set the best price for their land, so it’s a win-win for both buyers and sellers.

Why Auction?

One of the main benefits of a real estate auction is that it involves excellent marketing so people who are interested in buying or selling real estate in Oklahoma know the key details about what’s available, where and when, etc. This is especially important when selling specialty real estate because you will need to find the right buyers for your property.

Finding Buyers

A real estate auction is beneficial because it involves only qualified buyers. They’re the type of people you want vying for your property– they have the necessary means to afford what you’re selling. The highest bidder wins. Buyers ultimately have the final say in what price they’ll pay, purchasing real estate at its true market value.

For over 30 years Smith & Co. Auction Realty has been committed to providing

exceptional service to exceed your auction needs. Be sure to check our blog for news regarding upcoming auctions and visit our Auction page to start bidding!

‘Grease’ Costumes to Be Auctioned for Cancer Research

This iconic musical debuted in 1978 and became the highest-grossing musical film at that time. Grease is well known for its 1950’s style costumes and choregraphed dance numbers. Now, 41 years from its premiere, Olivia Newton-John’s classic looks will be up for auction the public. A portion of the proceeds from the auction will go directly to cancer research.   

Olivia Newton-John partnered with Austin health to create the Olivia Newton-John Cancer Wellness & Research Centre (ONJ Centre). The ONJ Center is dedicated to treating and researching many different types of cancer. The ONJ Centre offers a wide variety of treatment services and therapy for patients.

Olivia Newton-John was first diagnosed with breast cancer in 1992. This sparked her advocacy for cancer awareness and research.

The collection will feature over 200 costumes, gowns, accessories, and other personal items from the actress.

Her most highly anticipated pieces are her iconic leather jacket and tight black pants which she wore for her role as Sandy in Grease.

There will be a pre-auction exhibition displaying her pieces at the Museum of Style Icons. The Museum of Style Icons at the Newbridge Silverware Visitor Centre is located in Newbridge, Co. Kildare in Ireland. The exhibition will be on display from July 22nd until August 18th. The auction will then take place in November of 2019 in the US. The official auction will then take place in Beverly Hills and online on November 2.

Stay up-to-date F on upcoming auctions by frequently checking our blog at Smith & Co Auction & Realty. Smith & Co Auction & Realty has been serving Northwest Oklahoma and its surrounding areas for over 30 years. Our experienced staff can assist buyers and sellers throughout the auction process. Stay updated on new sales by visiting our auction page

900-Year-Old Chess Piece to be Auctioned in London

lewis chessman models

Purchased for just a few dollars five decades earlier, this medieval chess piece is set to go on auction for over $1 million dollars.

This item was discovered when a Scottish family took the game piece to Sotheby’s, a British American company specializing in decorative art, real estate, and jewelry auctions.

Sotheby determined that this was no ordinary chess piece, but a part of a set of 93 pieces carved from walrus ivory. The set was first found in 1832 on the Isle of Lewis in Scotland’s Outer Hebrides. Of the original 93 pieces, 11 are housed at the National Museum of Scotland and 82 are in the British Museum in London.

This piece is a 3.5-inch figure of a bearded man wielding a sword. It is said that this is the equivalent to a rook in chess.

These chess pieces are estimated to be over 900 years old and originating from the Viking era.

Before it’s recent discovery, the Lewis Chessman was housed with an antique dealing family in Scotland. The piece was purchased by the family in 1965 for 6 dollars. It remained in their family for generations, until it was recently taken to be evaluated by Alex Kader, head of the European Sculpture and Works of Art Department at Sotheby’s.  The family admired the Chessman as a piece of history, although they did not know the true past of this piece. The grandson of the antique dealer was shocked to learn the real value of this item

The Chessman is set to go on auction on July 2nd– it is projected that the piece will make up to $1.3 million dollars.

For more exciting news on upcoming auctions, be sure to check Smith & Co Auction & Realty. Smith & Co Auction & Realty has been serving Northwest Oklahoma and its surrounding areas for over 30 years. Our experienced staff can assist buyers and sellers throughout the auction process. Stay updated on new sales by visiting our auction page

Apollo 11 Lunar Module Timeline Book to Go On Auction

On July 20, 1969 Neil Armstrong and Edwin Aldrin became the first humans to land on the moon. The journey to space was a long road which is rooted in tensions between America and the Soviet Union called the Cold War. On October 4, 1957 the Soviets launched Sputnik, an intercontinental ballistic missile and the world’s first artificial satellite to be place into the Earth’s orbit. This furthered tensions between the Soviet Union and America. After the launch of Sputnik the U.S launched the Explorer I. Despite American efforts to lead the way in space exploration, the Soviet Union appeared to be one step ahead. The Soviets launched the first man into space in 1961. That same year president John F. Kennedy announced The Apollo 11 mission, which ultimately won the Space Race when Neil Armstrong walked on the moon.

The moon landing is a very important part of both world history and American history. This iconic mission sparked the beginning of a complete change in the way we view space.

Apollo 11 Lunar Module Timeline Book to Go On Auction

It has been 50 years since the very first man walked on the moon. Since that that time there have only been 11 other people to walk on the moon.

Now, half a century later, the historic Apollo 11 Lunar Module Timeline Book is set to go on auction. This book contains details of the complete Eagle voyage from inspection, undocking, lunar surface descent and ascent. It is also rumored to contain traces of lunar dust within the pages. The Apollo 11 Lunar Module Timeline Book will be on view at Christie’s in New York until May 15. It is set to go on auction July 18th.

Stay up-to-date on current auction details with Smith Co. Auction & Realty. For over 30 years Smith & Co. Auction Realty has been committed to providing exceptional service to exceed your auction needs. Be sure to check our blog for news regarding upcoming auctions and visit our Auction page to start bidding!

The Gun That Killed Vincent Van Gogh Is Up For Auction

Most famous for The Starry Night Vincent Van Gogh became a very influential figure in Western art. Although he was a very accomplished artist, he did not gain notoriety until his death in 1890. Van Gogh suffered from mental illness and died due to gunshot wounds from a  7mm pocket revolver.

In 1888, after a mental breakdown, Van Gogh mutilated himself by cutting off his own ear. After cutting off his ear things began to spiral out of control, and he was admitted to a mental institution. It was during his time in the mental institution where he created Starry Night and a number of other notable paintings.

Issues Surrounding His Death

There are some conflicting elements surrounding Van Gogh’s death which have led historians to question whether he committed suicide or was murdered. Some historians believe he did not commit suicide but, was shot by a group of teenage bullies. Van Gogh as shot in the midsection which isn’t typically a place that someone would shoot themselves. Van Gogh also had a letter in his pocket, at the time of his death, which was addressed to his brother. The letter was not a suicide note but a casual letter to send to a sibling.

This revolver was discovered in the 1960s in the northern French village of Auvers-sur-Oise, the same place he was shot. It is believed to be the gun that killed Van Gogh because it is the same caliber as the bullet that was retrieved from his body.

Auction Details

The gun is set to be put up for auction, by Paris auction house AuctionArt, this coming June 19th.

The revolver is projected to be auctioned at around 67,000 dollars.

For more information on upcoming auctions check the Smith & Co. Auction & Realty blog.

George Michael’s Art Collection Hit the Auction Block for Charity

Art exists in many forms, and the colliding world of music and visual art creates something truly magical.

No one understood this quite like legendary singer George Michael, who spent much of his life supporting charities and talented up-and-coming visual artists.

The world may have lost the legendary George Michael back in 2016, but the singing sensation’s philanthropic work continues into this year with a special auction that featured works from his private art collection.

The auction raised $15 million

Auction house Christie’s had over 200 pieces from the private collection of the British singing phenomenon in an auction this month. With a dedication to supporting upcoming visual artists, Michael’s collection included works from artists that created the Young British Art (YBA) movement, such as Damien Hirst, Tracey Emin, Sarah Lucas, Michael Craig-Martin, and Marc Quinn.

With his collection, Michael supported young and emerging artistic talent, and this auction was meant to continue this work with the sale of these iconic creations.

Standout pieces from the collection

Key pieces in the auction included Tracey Emin’s “Drunk to the Bottom of My Soul,” a large applique blanket featuring poetry. Another sought-after piece was Damien Hirst’s “The Incomplete Truth” featuring formaldehyde-suspended animals and organs.

The proceeds from this auction will go towards continuing George Michael’s philanthropic work.

Check back on the Smith & Co. Auction & Realty blog for more auction updates and news! And when you’re ready to start bidding closer to home, we have plenty of upcoming auctions to try your hand at. Give us a call at 580-254-3975 to learn more!

Rare Super Mario Bros. Video Game Sells for Over $100,000

Gaming fanatic or not, you have heard of famed video game character Mario.

With his characteristic plumbing hat, overalls, and mustache, Mario quickly won the hearts of many and shot to heroic notoriety around the world almost instantly.

One of the most classic and known Nintendo Entertainment System (NES) games of all time, Super Mario Bros. was released in 1985 and changed the face of popular video games forever.

Super Mario Bros. hits the auction block

Recently, a group of collectors bought a mint condition original copy of the game for $100,150 at a Heritage Auctions sale.

This group of collectors joined together to make the record-breaking purchase.

They will share both ownership and bragging rights of the treasured game for years to come!

What’s so special about this particular copy?

The sold copy is unopened and very well preserved, looking practically new. The copy comes from one of Nintendo’s earliest test launches of the NES in New York and Los Angeles.

Nintendo reprinted the Super Mario Bros. game several times between 1985 and 1994 and the copy that sold at the auction was one of the first copies, matte sticker-sealed, with a seal rating of A++ and certified by Wata Games with 9.4 Near Mint grade.

This rare Super Mario Bros. game now exists as one of the most expensive copies of a game sold among professionally graded and certified games. With its important history and pristine condition, the game is a rare and exciting find for collectors.

First appearing in 1981 in the arcade game Donkey Kong, Mario is nearing almost 40 years of video and arcade game fame. As he continues to dominate the video game scene, collectors should stay on the lookout for more priceless Mario-themed games in the future.

Check back on the Smith & Co. Auction & Realty our blog for all the latest news in the auction industry! And to satisfy your live auction appetite, be sure to check out all of our upcoming live auctions in the Oklahoma area!

The World’s Most Expensive Items Sold at Auction

Items sold at auctions verge on the artistic, the fabulous, the rare, and the iconic.

Some of the world’s most expensive items sold at auctions range from a balloon animal statue to an iconic dress worn by Marilyn Monroe.

Take a look at what some people were willing to pay for the following items.

“Portrait of an Artist (Pool with Two Figures)”

Painted in 1972 by artist David Hockney, the “Portrait of an Artist (Pool with Two Figures)” sold for $90.3 million at a 2018 auction, breaking the world record in price of a work by a living artist. This work takes the place of the previous world record holder, the orange “Balloon Dog” by artist Jeff Koons.

1962 Ferrari 250 GTO

Cars fetch a hefty price in general, but nothing like the 1962 Ferrari 250 GTO, sold at auction in 2018 for $48.4 million. This sale set the record for the highest price ever paid for a car at a public auction.

Marilyn Monroe’s gown

Have you ever had anyone sing “Happy Birthday” to you in the style of Marilyn Monroe?

Monroe’s rendition which she sang to President John F. Kennedy in 1962 is one of the most iconic moments of her star-studded career and the dress she wore that night also gained its own popularity.

Ripley’s Believe it or Not bought the dress for $4.8 million in 2016, making it the most expensive dress sold at an auction to date.

The Pink Star

Weighing in at 59.6 carats, The Pink Star sold within the first five minutes of bidding at a 2017 auction in Hong Kong. The diamond sold for $71 million, making it the most expensive jewel sold at an auction to date.

At Smith Co. Auction & Realty, we strive to bring you the latest and greatest in live auctions around the world. Stay up-to-date on our auction blog and when you’re itching to start bidding, be sure to check out our upcoming auctions here in Oklahoma!

Upcoming Real Estate Auction: High-End Executive Home in Woodward, Oklahoma for Sale

Are you currently on the hunt for a high-end executive home? You may be sorting through a plethora of real estate listings, but if you’re ready to buy, perhaps a real estate auction is better suited for your search.

At Smith & Co. Auction & Realty Inc. we have a multi-parcel real estate auction coming up soon that might peak your interest!

A high-end luxury home in Woodward, OK is hitting the auction block on February 20, 2019.

Font View of Executive Home in Woodward OklahomaYour long days of searching will be left in the past once you see this elite executive home.

Learn more about the executive home and all its features below! Further auction details and a photo gallery of the home are available on our website.

Feel free to look around and call our team at 580-254-3975 with any questions you may have and we’ll see you on February 20th!

Features of the executive home for sale

Before you bid and then buy, here are the essentials to know about this executive home up for auction!

Luxury Kitchen in Executive HomeThis home was custom-built in 2008 on 4.83+ acres of land. The home offers a spacious living room and the kitchen has sleek granite counter tops, commercial appliances, a breakfast bar and more.

Now let us paint you a picture: you walk through the front door, the entryway greeting you with a wet bar with built-in cabinets made of solid wood.

You immediately feel relaxed and at home ready to head to the large master bedroom suite with a walk-in shower, designer bathtub, and several home accessories that do not disappoint.

From here, you’re able to walk through atrium doors to your own personal outdoor oasis to relax out on your covered patio.

Within the lower level of the home, you’ll find a large area housing another wet bar, a bathroom, and a traditional safe room.

Theater Room in Luxury HomeThe upper level features two bedrooms, two full bathrooms and a half bath.

For work, you’ll find a beautiful home office, but for play, you can take advantage of the theater room, presenting you with your feature presentation and comfortable theater seating for 12.

Would you believe us if we said there’s more?

Extra executive home amenities

Within the three levels of this luxury home, there are plenty of amenities to indulge in.

Enjoy looking out over your property from an atrium-like area located above the front entrance.

Outdoor Entertainment Area and Pool at Luxury HomeAnd with this property, you’ll never want to keep the party indoors.

There’s a wonderful outdoor entertaining area, from relaxing in the hot tub, to splashing around in the in-ground pool, heated to your liking and always sparkling.

There is also a fireside gazebo, perfect for entertaining guests or relaxing under the stars.

Storage space is no issue with this home; the 4,900 sq. ft. garage with multiple overhead doors and an upstairs should meet all of your storage requirements, housing your vehicles and large enough to accommodate a motor home.

An executive home in a prime location

One of the most important factors in choosing a high-end luxury home is the area where it’s located.

This high-end home is located just west of Woodward, OK offering potential buyers a spacious and beautiful area to live in. You can enjoy your privacy while also indulging in the suburban feel of Woodward County.

The opportunity to buy land around the property

This prime piece of real estate offers a beautiful executive home, yes, but there’s also the opportunity to purchase more land around the property.

There are technically 10 separate tracts available for purchase at this live on-site auction, each tract offering something different to our potential buyers. With Tract 1 housing the high-end luxury home, the multi-parcel method of sale will be implemented, giving the buyer a chance to take advantage of the additional 13 tracts available before anyone else.

Additional land for sale

Land for Sale in Woodward OklahomaOnce Tract 1 and it’s accompanying purchases are completed in a combination sale, the multiple tracts of land available in this location will hit the auction block.

Additional tracts range in what they have to offer to a bidder.

You’ll have the chance to purchase an acre of land with an already built, beautiful brick home, or five acres of land with a 1,162 sq. ft. mobile home.

If by chance you’re more interested in purchasing land to build upon yourself, there are many tracts that offer various acres of land and great building sites. We have tracts that offer excellent hunting and cattle grazing, as well.

No matter your interest or use for the land, there is a tract that you won’t want to miss out on.

Learn more detailed information about the separate tracts in our auction description.

This is a live on-site auction with no opportunity for online bidding. However, you may register as a phone bidder if you cannot physically make it to the auction site. Register as a phone bidder today by calling our office at 580-254-3975 today!