Auction Term
Commission
The fee charged by the auction house to the seller, usually a percentage of the hammer price.
Keep learning
More auction terms
- ConsignmentThe act of delivering items to an auction house to be sold on behalf of the owner.
- Consignment AgreementThe contract between the consignor and the auction house setting commission, reserves, and terms of sale.
- ConsignorThe person or entity that owns the items being sold and entrusts them to the auction house.
- DeaccessionThe formal removal of an object from a museum or institutional collection, often for sale at auction.
- Fair Market ValueThe price property would bring between a willing buyer and seller, the basis for estate and auction valuation and generally lower than insurance replacement value.
- LottingThe process of grouping and numbering property into the lots that will be offered.
- Net ProceedsThe amount paid to the consignor after commission, insurance, and any agreed expenses are deducted.
- Preview (Exhibition)The days before a sale when property is on view in the gallery for in-person inspection.