Auction Term
Sales Tax
The government-imposed tax applied to the hammer price and buyer’s premium when required.
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More auction terms
- 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.
- 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.