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Auction Terms

“As is”: The condition in which the item for sale piece currently stands.

Buyer’s Premium:  A percentage of the high bid added to the bid price to determine total amount paid for a particular item.

Condition Report: An expert’s detailed report of a pieces condition and provenance. Categories will range from poor to very good.

Consignment: Property sent to an agent of sale.

Consignor: The person, company or estate that sends their property to an agent of sale.

Estimate: An expert’s valuation of possible selling price at auction, given low to high. The final price may be higher or lower than this band depending on demand.

Fair Market Value: The sale price an item will bring determined through a competitive bidding process with a willing buyer and willing seller.

Fair Warning: A warning that an auctioneer may use to offer one last chance to increase the bid before the hammer falls.

Hammer Price: The price at which an item is sold at auction and announced by the auctioneer when he lowers the gavel.

Opening Bid – The first bid offered on an item by a bidder at an auction.

Provenance: A place or source of origin that describes an object’s history.

Reserve:  The minimum price a seller is willing to accept for a property to be sold.

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