“As is”:
The condition in which the item for sale piece currently stands.
Buyer’s Premium:
A percentage of the high bid added to the bid price to determine total amount paid for a particular item.
Condition Report:
An expert’s detailed report of a pieces condition and provenance. Categories will range from poor to very good.
Consignment:
Property sent to an agent of sale.
Consignor:
The person, company or estate that sends their property to an agent of sale.
Estimate:
An expert’s valuation of possible selling price at auction, given low to high. The final price may be higher or lower than this band depending on demand.
Fair Market Value:
The sale price an item will bring determined through a competitive bidding process with a willing buyer and willing seller.
Fair Warning:
A warning that an auctioneer may use to offer one last chance to increase the bid before the hammer falls.
Hammer Price:
The price at which an item is sold at auction and announced by the auctioneer when he lowers the gavel.
Opening Bid
– The first bid offered on an item by a bidder at an auction.
Provenance:
A place or source of origin that describes an object’s history.
Reserve:
The minimum price a seller is willing to accept for a property to be sold.
