What does it mean when an auctioneer says an item sells by the piece?

When an item sells by the piece, also called times the money, the winning bid is multiplied by the number of items in the lot. If there are six matching chairs and the winning bid is for one, the buyer pays that amount six times.

Auctioneers use this method for sets and groups of similar items, such as chairs, tires, or boxes of the same merchandise. It keeps the bidding numbers manageable while selling everything together.

Confusion about this is one of the most common causes of disputes, so listen carefully when the auctioneer announces a lot and read the catalog description. If you are unsure whether a lot sells by the piece or as one price for everything, ask before bidding, not after.