Free Auction Dictionary E-Book Aims to Demystify Auction Jargon for Bargain Hunters

ELAC Auctioneers & Appraisers, LLC (ELAC) has produced a new e-book, "The Live and Online Auction Dictionary," which defines 503 terms used in live and online auctions. This free e-book provides extensive coverage of the auction argot and will instill a bidder with confidence about his participation at an auction.

Detroit, MI -- October 25, 2002 -- ELAC Auctioneers & Appraisers, LLC (ELAC) has produced a new e-book, "The Live and Online Auction Dictionary," which defines 503 terms used in live and online auctions. This free e-book provides extensive coverage of the auction argot and will instill a bidder with confidence about his participation at an auction. All terms are defined
in jargon-free language. The dictionary is available for free at ELAC's web site at URL http://www.elac-llc.com.

Shopping at auctions is a great way for shoppers to get bargains and find "one-of-a-kind" gifts for family members and loved ones. Many types of items are sold at auction: real estate, business inventories, fine art, antiques, automobiles, and household estates. Thus, interesting and unique merchandise is often available for purchase at an auction.

An auction is an accelerated sales process by which items or lots are rapidly sold, usually to the highest bidder. Selling rates at certain types
of auctions exceed 100 lots per hour. Each lot's sale presents bidders with a small window of opportunity to make a purchasing decision. Bidding success at an auction requires knowledge of auction selling propositions and
terminology.

For most people, auctions are ladened with cryptic terminology that has been in use for at least the last few centuries and perhaps even earlier. The earliest known auction was recorded in 480 BC by Herodotus, an ancient historian, who chronicled the marriage auction rituals of the early Babylonians. Furthermore, the term "auction" is derived from the ancient Greek root "auctio" which translates to "increase." The Roman Empire frequently sold booty from defeated enemies via the auction method "sub hasta" or "under the spear" on the battlefield after a military victory.

Savvy bidders know the difference between "reserve" and "absolute." misunderstanding those selling terms can result in the buyer paying an unintended price. A good auction dictionary will inform bidders about all
auction selling propositions that may be encountered at a sale. By law, all auctions are with reserve, in which sellers can establish a minimum sales prices, whereas absolute auctions lots are sold absolute - without minimums - to the highest bidder.

The dictionary's information was compiled and published into e-book format by a Detroit, Michigan auction company, ELAC Auctioneers & Appraisers, LLC. E-Books are books that have been processed for use on personal computers. While no official standard exists for the e-book format, 95% of available titles can be used with the average home computer that has either the
Microsoft Windows Operating System or Adobe's Acrobat Reader software
installed.

In 2001, ELAC was founded by its owners, Cedric and Martha Ector, a husband and wife team, after their graduation from Continental Auctioneers School of Mankato, MN. ELAC specializes in the sale of real estate, antiques, and personal property at auction and also provides personal property appraisal services.