Auction Term
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.
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More auction terms
- 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.
- Prices RealizedThe published record of hammer prices from a completed auction.
- Removal PeriodThe window after the sale during which purchases must be collected before storage fees begin.
- Replacement ValueWhat it would cost to replace an item at retail, used for insurance coverage rather than auction estimates.
- Resale CertificateA state-issued document allowing a qualifying dealer to purchase without paying sales tax.
- Sales TaxThe government-imposed tax applied to the hammer price and buyer’s premium when required.