Hammer price is defined as:

Hammer price refers to the final bid that is accepted at an auction, signaled by the striking of the gavel by the auctioneer. This moment signifies the conclusion of the bidding process, and the amount at which the item is sold is recognized as the hammer price. It is the price agreed upon between the highest bidder and the auction house, which becomes the sale price for the item being auctioned.

The other options do not accurately define the term. The starting bid refers to the initial amount set for the auction, while the minimum accepted bid represents the lowest bid that the auctioneer will accept during the auction. The first bid placed is simply the opening offer made by a bidder and does not reflect the final selling price that determines the auction's conclusion.