Auction Term
Preview (Exhibition)
The days before a sale when property is on view in the gallery for in-person inspection.
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More auction terms
- 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.
- Sell-Through RateThe percentage of offered lots that sell in a given auction.
- Settlement StatementThe itemized accounting a consignor receives after the sale, showing each lot’s hammer price and all deductions.
- CommissionThe fee charged by the auction house to the seller, usually a percentage of the hammer price.