How is a "times the money" bid defined in auction practices?

In auction practices, a "times the money" bid refers specifically to a bid that multiplies the value for multiple items in a lot. This concept is often used in situations where bidders are offering to pay a set price per item being auctioned within a single lot. For example, if a lot contains five items and a bidder places a "times the money" bid of $10 per item, the total bid for the lot would be calculated as $10 multiplied by 5 items, equaling a total of $50.

This approach is beneficial in auctions as it allows bidders to express interest in multiple items without needing to bid on each one individually. It streamlines the process and ideally reflects the bidder's valuation of the items collectively. Understanding "times the money" bidding is crucial for both auctioneers and bidders as it influences bidding strategies and sales outcomes in auctions.