sluttbud

Sluttbud is a term used in Swedish and Norwegian auction practice to denote the final bid submitted before the bidding closes. The word is formed from slut, meaning end or final, and bud, meaning bid. In many auctions, the sluttbud is the highest bid at the moment the auction ends and typically determines the winning price, assuming other conditions such as reserve prices or bidder eligibility are satisfied. Some platforms implement extensions or anti-sniping rules, which can alter which bid ultimately becomes the sluttbud.

Usage and context: Sluttbud is commonly encountered in art and collectibles auctions, real estate sales, vehicle auctions, and online bidding platforms in Sweden and Norway. It is also used in some tender processes or public procurements where a final offer is required. The concept emphasizes the closing bid that effectively ends the competition for the item.

Procedural notes: The winning bid is usually subject to platform terms, including payment obligations, transfer of title, and any reserve price. If the sluttbud does not meet a reserve price, the seller may withdraw the item from sale or re-auction it. Bidders should understand rules about bid withdrawal, extensions, and how the sluttbud is recorded or publicly announced.

See also: Auction, Bid, Reserve price, Anti-sniping, Real estate auction.