Auction Term
Buyer’s Premium
An additional percentage of the hammer price that the buyer must pay on top of the final bid.
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More auction terms
- Floor BidA bid placed in the room by someone attending the auction in person.
- Hammer PriceThe final bid accepted when the auctioneer’s gavel falls, before buyer’s premium and applicable tax.
- Knocked DownDeclared sold; the moment the auctioneer’s hammer falls and the lot is awarded to the highest bidder.
- Live AuctionA 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.
- Maximum (Proxy) BidThe 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.
- Opening BidThe first bid accepted by the auctioneer, which starts the bidding process.
- PaddleA numbered card used by bidders to signal bids to the auctioneer.
- Passed LotAn item that does not meet its reserve price and remains unsold at auction.