Auction Reference
Auction Terms Glossary
A plain-language guide to the words you will hear before, during, and after an auction.
68 terms
A
- Absentee Bid
- A procedure allowing a bidder to submit a maximum bid without being physically present; the auctioneer executes the bid up to that amount.
- Absolute Auction (Auction Without Reserve)
- An auction where property is sold to the highest bidder without any minimum reserve price; the seller cannot bid in the auction.
- After
- A copy of a known work by the named artist, made by another hand.
- Appraisal
- The process of estimating the value of an item before it is offered for auction.
- Artist’s Proof (AP)
- An impression outside the numbered edition, traditionally retained by the artist.
- As Is / Where Is
- Indicates that items are sold in their present condition with no guarantees or warranties.
- Attributed To
- In our considered opinion, a work probably by the named artist, in whole or in part.
- Auction
- A public sale in which goods or property are sold to the highest bidder through open and competitive bidding.
- Auction Stand
- The raised platform or podium where the auctioneer stands to conduct the auction.
- Auction With Reserve
- An auction where the seller sets a confidential minimum price; the seller may accept or decline the highest bid if it does not meet that price.
- Auctioneer
- The individual who conducts the auction, announces the bids, and manages the sale.
B
- Bears Signature
- A signature is present, but its authenticity has not been established.
- Bid
- A legally binding offer to purchase a lot at a specified price.
- Bid Increment
- The predetermined amount by which a new bid must exceed the previous bid.
- Bid Limit
- A ceiling placed on a new or unverified bidder’s total bidding, which can be raised on request after review.
- Bidder
- The person or entity making bids at an auction.
- Bidder Number
- The unique number assigned at registration that identifies a bidder’s purchases throughout the sale.
- Buy-In
- A lot that fails to reach its reserve and is retained by the consignor rather than sold.
- Buyer’s Premium
- An additional percentage of the hammer price that the buyer must pay on top of the final bid.
C
- Catalog
- A printed or digital list of the items offered in an auction, including descriptions and lot numbers.
- Catalogue Raisonné
- A scholarly, comprehensive catalog of an artist’s known works, used to confirm authenticity.
- Certificate of Authenticity (COA)
- A document from a recognized authority attesting that a work is genuine.
- Circle Of
- A work of the artist’s period showing their direct influence, possibly by a close associate.
- Coin Silver
- Approximately 90% pure silver, common in American pieces made before the sterling standard was adopted.
- Commission
- The fee charged by the auction house to the seller, usually a percentage of the hammer price.
- Condition Report
- A description of an item’s physical state, noting visible damage, restoration, or wear.
- Consignment
- The act of delivering items to an auction house to be sold on behalf of the owner.
- Consignment Agreement
- The contract between the consignor and the auction house setting commission, reserves, and terms of sale.
- Consignor
- The person or entity that owns the items being sold and entrusts them to the auction house.
- Craquelure
- The fine network of cracks that forms in aged paint or varnish.
D
- Deaccession
- The formal removal of an object from a museum or institutional collection, often for sale at auction.
E
- Estimate
- The price range an auctioneer expects an item to sell for, based on prior sales and market research.
F
- Fair Market Value
- The price property would bring between a willing buyer and seller, the basis for estate and auction valuation and generally lower than insurance replacement value.
- Floor Bid
- A bid placed in the room by someone attending the auction in person.
- Foxing
- Small rust-brown spots that develop on paper with age and humidity.
H
- Hallmark
- An official stamp on silver or gold indicating purity, maker, and often place and date of manufacture.
- Hammer Price
- The final bid accepted when the auctioneer’s gavel falls, before buyer’s premium and applicable tax.
K
- Knocked Down
- Declared sold; the moment the auctioneer’s hammer falls and the lot is awarded to the highest bidder.
L
- Live Auction
- A sale in which an auctioneer offers lots one at a time in catalog order until each is hammered down, as opposed to a timed online sale that closes on a clock.
- Lot
- An individual item or group of items offered for sale as a single unit during the auction.
- Lot Number
- A unique number assigned to an item or group of items in an auction for identification.
- Lotting
- The process of grouping and numbering property into the lots that will be offered.
M
- Manner Of
- A work executed in the artist’s style but at a later date.
- Marriage
- A piece assembled from parts of two or more objects that did not originate together.
- Maximum (Proxy) Bid
- The highest amount a bidder authorizes in advance; the platform bids on their behalf in increments only as far as needed to stay in the lead.
N
- Net Proceeds
- The amount paid to the consignor after commission, insurance, and any agreed expenses are deducted.
O
- Opening Bid
- The first bid accepted by the auctioneer, which starts the bidding process.
P
- Paddle
- A numbered card used by bidders to signal bids to the auctioneer.
- Passed Lot
- An item that does not meet its reserve price and remains unsold at auction.
- Patina
- The surface character a material acquires with age and handling, generally desirable and not to be confused with damage.
- Period
- An item made during the era its style represents, as opposed to a later revival or reproduction.
- Preview (Exhibition)
- The days before a sale when property is on view in the gallery for in-person inspection.
- Prices Realized
- The published record of hammer prices from a completed auction.
- Provenance
- The documented history of ownership of an item, often used to support authenticity and value.
R
- Removal Period
- The window after the sale during which purchases must be collected before storage fees begin.
- Replacement Value
- What it would cost to replace an item at retail, used for insurance coverage rather than auction estimates.
- Resale Certificate
- A state-issued document allowing a qualifying dealer to purchase without paying sales tax.
- Reserve Price
- The confidential minimum price a seller will accept; if bidding does not meet it, the item may be withdrawn.
S
- Sales Tax
- The government-imposed tax applied to the hammer price and buyer’s premium when required.
- School Of / Follower Of
- A work by a pupil or contemporary working in the artist’s style.
- Sell-Through Rate
- The percentage of offered lots that sell in a given auction.
- Settlement Statement
- The itemized accounting a consignor receives after the sale, showing each lot’s hammer price and all deductions.
- Silverplate
- A base metal object covered with a thin layer of silver; not solid silver and valued accordingly.
- Sterling Silver
- Silver of 92.5% purity, the standard for English and most American silver.
T
- Telephone Bid
- A bid placed through a phone call with an auction house representative during the auction.
- Timed Auction
- An online-only format where each lot closes at a set time, often with bidding extensions; Austin Auction Gallery sells live rather than timed.
U
- Underbidder
- The bidder who placed the second-highest bid on a lot; the lot returns to them if the winning bid falls through.
W
- Withdrawn Lot
- A lot removed from the sale before it is offered.
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