“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.