What is the term used for each lot sold separately at auction?

The term that accurately describes each lot sold separately at auction is indeed "Individual Lot Sale." This terminology is essential in auction contexts as it emphasizes that each item or lot is presented, auctioned, and sold as a distinct entity rather than in bulk or as part of a larger collection. The concept helps bidders understand that they are competing for specific items rather than a group, allowing them to make more informed bidding decisions based on the merits of each individual lot.

In contrast, other terms like "Collective Sale" refer to multiple items sold together, while "Multiple Auction Sale" suggests a series of auctions rather than a specific method of sale for individual items. "Separate Sale" is somewhat ambiguous and does not specifically convey the context of auction lots. Understanding these distinctions is crucial for those participating in or organizing auctions, ensuring clarity in the auction process and bidding strategies.