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Glossary of Auction Terms Absentee Bid A method of bidding for those not present at an auction. The bidder leaves the top value they wish to bid on a lot by filling out a form prior to the auction date. Also called written, commission, or order bids. Artist Resale Right According to the European Union any living artist and those who have died in the past 70 years are entitled to a resale royalty each time their artwork is sold in the European Union or United Kingdom. As Is This refers to the fact that all lots are sold in the state that they are currently in. Buyers are encouraged to view items and condition reports prior to the sale as the auction house is not responsible for any discrepancy in description of condition. Bid Increment The amount by which the auctioneer increases the bidding. Generally the bid is raised 10% over the last bid, but it is at the auctioneers discretion. Bought-In (BI) The term for an unsold lot if there were either no bids or the bids did not reach the reserve price. The item stays in the consignor's possession. Buyer's Premium A previously advertised percentage added onto the hammer price that is paid as part of the total contract price of an item. The amount varies depending on auction house. Catalog A publication advertising and describing items for sale which includes conditions of sale. Condition Report A written report of state of the artwork, written by a specialist prior to the sale. Consignor The owner who is having the auction house sell their property on their behalf. Estimate Each lot is given a high and low estimate which represents the price the auction house expert believes the item might sell for. Estimates are based on comparable prices and is generally the basis for the reserve price. They are preliminary guides. Fair Market Value Refers to an object's likely sale price if offered at auction. Since auctions are open to the public they are considered the measure of an object's fair market value. Fair Warning A warning an auctioneer sometimes gives to signal that the hammer is about to come down and bidding for a lot will come to a close. Hammer Price The sale price, or the winning bid for a lot at auction. Does not include buyer's premium. Also sometimes known as price realised. Lot An individual or group of objects for sale as a single unit. Paddle The object displaying the number assigned to a bidder when he or she registers. To place a bid one must raise their paddle until acknowledged by the auctioneer. Pass/Unsold The term when a lot fails to fetch it's reserve price. Presale Exhibition All the items for auction are displayed at a presale exhibition which is open to the public to view the lots. Provenance The history of ownership for an object back to the date of creation. An important factor on value. Reserve/Reserve Price The minimum price a lot can sell for at auction. Agreed upon by the consignor and the auctioneer before the auction, the reserve price is kept confidential. If bidding does not reach the reserve then a lot will not be sold. Seller's Commission A percentage paid by the consignor to the auction house. This varies from one auction house to the next. Telephone Bidding A method of bidding without actually being present at the auction. A representative at the auction bids on one's behalf via the phone. Must be set up with the auction house prior to the sale. Withdrawn If a lot is withdrawn from a sale it is no longer being offered for auction. Appraisals of Value LLC. |
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