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<DIV ALIGN="CENTER"><font face="Arial, Helvetica, sans-serif" size="+1"><B>Art Market Terms</B></font></DIV>
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<font face="Arial, Helvetica, sans-serif" >To locate any term, click on the first letter of the word you want to find, or scroll through the words listed below:</font><BR><BR>
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<P>after	</B>Refers to a work of art that is not the original work of the artist. For paintings the word is used most often for a <B>copy</B>. In prints the term refers to a print or poster based on an artist’s painting, drawing or watercolor; in sculpture it refers to a copy or <B>restrike</B>. After is sometimes used for any work the seller questions. </P>
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<P>annotated	</B>Hand-written<B> </B>notes on a work of art that may have been written by the artist, someone representing the estate, a collector, or an anonymous person.</P>
<B><P>apocryphal	</B>Word used in auction catalogues for works of questionable or unverified authenticity.</P>
<B>
<P>as is</B>		A cautionary note that the condition of the object for sale is not guaranteed and indicates probable condition problems. </P>
<B><P>as issued</B>	Indicates that the physical support behind a print, poster, or photograph was intended by the artist or publisher. </P>
<B><P>ascribed	</B>Auction term no longer in common usage. During the 1980s the term was used in some nineteenth century and Old Master catalogs to signify the "highest form of authenticity". No absolute statement as to authorship was intended by its use, but the hierarchy of the designation at that time was stronger than an attribution. </P>
<B><P>atelier		</B>A French word that means an artist's workshop or studio. In many of the earlier ateliers, one or more artists would work with or oversee several assistants.</P>
<B><P>attributed	</B>Used in the art market to assign an unsigned work, or one with a doubtful signature, to an artist or school. An expert may have compared the undocumented piece with undisputed works. External evidence such as paper analysis, contracts, and inventories may also have been examined. </P>
<B><P>auction	</B>A public sale in which the auctioneer, acting as the agent for sellers or consignors, or selling material he owns, offers a series of objects to prospective buyers who bid incrementally. The highest bidder buys the object. </P>
<B><P>autograph	</B>A work of art indisputably and entirely created by the artist. The word also refers to the established signature of the artist. </P>
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<B><P>bears date	</B>Euphemism for a probable false date; a date added by someone other than the artist. </P>
<B><P>bears signature	</B>Euphemism for a false signature; a signature that has been added to the work of art in a hand other than that the artist. </P>
<B><P>black light	</B>The common name for the ultraviolet light used to determine the presence of <B>inpainting</B> or repainting on a work of art. Shining the black light on a painting may cause paint added to the original canvas, or synthetic colors, to be differentiated by their glow. Paint that reflects the black light may also indicate restoration work.</P>
<B><P>blindstamp	</B>An embossed stamp without color, usually placed outside the image, that is used to identify the publisher, printer, photographer, printmaking studio, collector, or, less often, the artist. The stamp may be a symbol, initials, or the full name and address. Drystamp and chop are synonyms.</P>
<B><P>broker		</B>A private dealer who acts as an intermediary or matchmaker between a buyer and a seller. </P>
<B><P>burned	</B>A work of art may be "burned" or "shopped" when it has been placed for sale in a number of places or recently offered at auction. This word for shopworn may be derived from the French word <I>brulé</I>. </P>
<B><P>buyer's premium	</B>An auction term for the additional 10% to 17 1/2 % that is added to the <B>hammer price</B> of each item sold. Sales tax is calculated on the total. </P>
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<B><P>catalogue raisonné	</B>French phrase accepted into English for the published, systematic list of prints, paintings, or sculpture by a single artist or established group of artists. It includes titles, dates, sizes, state, editions, reprintings and recastings, and conditions of known works or information about a current edition.. A catalogue raisonné is similar to an <B>oeuvre catalogue</B> but renders critical decisions as to authenticity. The inclusion of a work of art in a catalogue raisonné listing lends credibility to the <B>provenance</B> and authenticity. </P>
<P> </P>
<B><P>circle of	</B>A work from the period of a specific artist, which is closely related to his style. See <B>studio of </B>and <B>manner of</B>.</P>
<B><P>collector dealers	</B>Avid collectors who sell as well as buy. These sales may "feed their habit" and give them the extra funds necessary to continue making acquisitions.</P>
<B><P>collector's mark	</B>Annotation, ink stamp, or drystamp placed on the work by the owner(s). This mark does not indicate authenticity, but a <B>provenance</B> from an important collection lends cachet.</P>
<B><P>consignor	</B>The individual who places a piece or pieces for sale at auction or in a gallery.</P>
<B><P>copy	</B>The Academic tradition of learning by copying from the original has historically been approved and was a common workshop practice. Copies have different names depending on their intent or use. Replica is used if the artist or his atelier produced a second work in the same medium as the original. Fogery is used for a copy intended to deceive as to its authenticity. </P>
<B><P>copyright	</B>An inscription or mark (in the twentieth century often a ©) that indicates protection by government acts. Since copyrights are in effect for a specific number of years, the copyright usually includes the date. </P>
<B><P>craquelure	</B>The French word accepted into English for the pattern of cracks ("crocodile skin") that develops on the surface of a painting as the material dries. It is a natural phenomenon, although excessive cracking sometimes occurs due to the use of additives in the paint, a loose support, or the impact of a foreign object to the <B>recto</B> or <B>verso</B> of a painting. Tempera develops a delicate craquelure in contrast to the more noticeable pattern that often develops in oil paintings. Retouching may minimize excessive craquelure, but most experts advise the collector to consider it a desirable attribute. </P>
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<B><P>dated		</B>When a work of art is "dated", it may refer to a date on the work or a date derived from letters, diaries or a <B>catalogues raisonné</B>. </P>
<B><P>dealer		</B>An individual or representative of a gallery who buys and sells. There are many different market levels of dealers.</P>
<B><P>dedicated	</B>An annotation designating the recipient and/or donor of a gift or presentation work.</P>
<B><P>door knockers	</B>Persons who present themselves in a neighborhood, knocking on doors, to see if householders have anything to sell. </P>
<B><P>dry mounted	</B>The process for adhering works on paper to a support with heat-setting varnish. The heat and pressure of dry-mounting may damage the unsized paper of drawings or prints. Photographs, generally impervious to this treatment, are often signed with the artist's or studio’s signature on the <B>verso </B>of the drymount. See also <B>mounted</B> and <B>laid down</B>.</P>
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<B><P>edition		</B>A limited run of numbered impressions of multiples–prints, sculptures, ceramics, or photographs–created by (or under the supervision of) the artist. Sculptures are usually numbered underneath or near the base of the piece. For prints, the term is relevant only for works printed since about 1880, when artists such as Whistler began to limit the number of impressions from each plate and to cancel the plate after the limit was reached. A <B>catalogue raisonné</B> is the best resource for an accurate assessment of an edition size. See <B>limited edition</B> and<B> numbered</B>.</P>
<B><P>estate stamp	</B>A stamped mark or signature that is affixed to a work of a deceased artist by the family or the executor of the artist's estate. The stamp attests to the authenticity of the work and is usually applied to works found in the artist's studio.</P>
<B><P>estimate	</B>An auction term for the price range within which an auction house expects to sell a particular lot. An estimate is the auctioneer's best judgment based on the artist's sales history, and the condition and desirability of a particular work. The estimate is frequently included in a printed catalogue.</P>
<B><P>exhibition	</B>A show of art arranged in an appealing manner at an auction house, gallery, or museum. At an auction house exhibition or <B>preview</B> potential buyers are permitted to examine objects, whereas at galleries and museums touching is forbidden. <B>Estimates</B> are included in the auction catalogue, while at galleries, prices may be sometimes posted or a price list obtained at the front desk. </P>
<B><P>exhibition catalog	</B>A compendium of work that documents the exhibition of an artist's work at a museum or gallery. Exhibition catalogues are in the collections of major public and academic libraries and may be a useful resource in researching artists or their works.</P>
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<B><P>faux 		</B>French for false. </P>
<B><P>forgery	</B>A work of art produced with the intention of deceiving the purchaser. It may be in the style of a particular artist or period, or a <B>pastiche</B> created from fragments or visual ideas gleaned from several works. </P>
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<B><P>hammer price	</B>An auction term for the price at which a lot is sold, before the addition of the <B>buyer’s premium</B> and sales taxes. </P>
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<B><P>identified	 </B>Information supplied by a label or collector's annotations.</P>
<B><P>imitation 	</B>A copy of a master’s work by a pupil or another person without fraudulent intent, as for example, Goya's etchings <B>after</B> Velasquez's paintings. As an adjective, imitation means a simulation, as in imitation or <B>faux </B>stone or faux marble.</P>
<B><P>impasto</B>	Raised or irregular brush marks on the surface of a painting. </P>
<B><P>initials		</B>Letters of an artist's name rather than the full signature. See <B>monogram</B>.</P>
<B><P>inpainting	</B>The procedure used in the restoration or conservation of a work of art when a damaged or deteriorated area is filled so that it blends with the surrounding material and colors. Contemporary conservators are careful to cover the merest trace of the original paint and use only reversible materials. Newly painted areas may be visible under a <B>black light</B>. </P>
<B><P>inscribed	</B>The word inscribed has different meanings when used for paintings and prints. For paintings, the term is used for any information included with or on the work.For prints it refers to information (title, date, copyright, publisher, etc.) supplied in the <B>matrix</B> that is printed with the image. </P>
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<B><P>laid down	</B>When a<B> </B>drawing, painting, print or photograph is affixed to a mount to give it greater strength, repair minor tears, or prepare it for presentation, it is laid down. The phrase generally indicates that the artist or publisher did not intend the piece to be backed. A backing with acidic properties (most cardboards) may contribute to the future destruction of the work, and a paper conservator will be required to remove it. See <B>as issued</B>, <B>mounted,</B> and <B>dry-mounted. </P>
</B>
<B><P>left bid	</B>The auction term for a bid submitted by a prospective buyer who cannot attend the auction. This term also includes mail bids. The auctioneer or a member of his staff executes these bids during the sale.</P>
<B><P>limited edition	</B>This phrase means that a designated number of works have been executed. It is frequently used incorrectly as a marketing tool to promote virtually unlimited editions of prints, multiples, pottery, or sculpture. </P>
<B><P>lining</B>		Application of a fresh piece of linen to the back of a painting that has become weak or damaged. Earlier methods often used excessive heat and pressure that irreversibly flattened the <B>impasto</B>. See also <B>relining</B>.</P>
<B><P>losses		</B>A general term for changes to the pristine condition of a work as cracks, tears, skinning, rubbing, punctures, pinholes, flaking, or shaving. See <B>inpainting</B>, <B>craquelure, remargined, retouching.</B> </P>
<B><P>lot		</B>An auction term for an individual work or group of works offered for sale at one time. </P>
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<B><P>manner of 	</B>A term used for a work in the style of an artist but not by the artist. </P>
<B><P>matrix		</B>The material or surface–wood, linoleum, copper, clay, zinc, canvas, panel–which serves as the basis for a print, sculpture, or painting. Plural is matrices.</P>
<B><P>monogram	</B>A design comprised of 2 or more interwoven letters, usually the initials of a person’s first and last name.</P>
<B><P>monograph	</B>A book about a single subject or an individual. The best artists’ monographs provide biographical and contextual information and critical analysis. </P>
<B><P>mounted	</B>Works on paper (and sometimes those on canvas) may be mounted to give them greater strength, to repair minor tears, or to prepare them for presentation. The mount may be a stiff card, canvas, or linen backing. See <B>as issued</B>, <B>dry-mounted</B> and<B> laid down</B>.</P>
<B><P>multiples	</B>Any art object that can be reproduced in quantity from a single original is a multiple. Prints were the first art multiples, but in contemporary usage sculptures, artists’ books, pottery, and reproducible limited edition objects are also classed as multiples.</P>
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<B><P>numbered	Multiples</B> are numbered for cataloguing identification. On prints, the numbering is usually handwritten below the image as a fraction, with the top number representing that specific impression and the denominator standing for the edition size. On sculptures and other multiples the numbering may be incised or stamped underneath or near the base of the objects. Artist's proofs sometimes add to the total <B>edition</B>. A <B>catalogue raisonné</B> is the best resource for an accurate indication of edition size. </P>
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<B><P>oeuvre catalog	</B> Systematic list of each work of art in an artist's entire creative output, or the works in a specific medium by an artist, are published in an oeuvre catalog. Oeuvre is French for work. See also <B>catalogue raisonée.</P>
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<B><P>passed 	</B>An auction term used for an unsold <B>lot</B> when there is no bidding on the lot or the bidding does not reach the <B>reserve</B>. </P>
<B><P>pastiche	</B>A work, often a <B>forgery</B>, made with ideas, images, or fragments from a number of earlier works of art by one or more artists.</P>
<B><P>pool		</B>An informal agreement among dealers that they will not bid against each other for a specific item at auction or in a private sale. After the initial sale is consumated they meet to sell the work to one of the dealers in the pool. Each dealer writes down the figure that he or she is ready to pay. The highest bidder ends up with the merchandise, while the others split the difference between the actual purchase price of the item and the price reached in the post-auction "knock-out." These activities amount to restraint of trade and are illegal in most states. <B>Ring </B>is a synonym.</P>
<B><P>portfolio</B>	This term refers to a group of prints, photographs, or drawings presented together and/or the case that holds and protects the group of works.</P>
<B><P>posthumous editions	</B>The editions issued from the artist's plates or molds after the artist has died. This term neither diminishes nor confers authenticity, but when the estate has authorized a posthumous edition, the original <B>matrix</B> is more likely to have been used and the subsequent editions will be closer to the original one. A <B>catalogue raisonné</B> will usually outline these authorized or unauthorized works. </P>
<B><P>preview 	</B>The formal opening (prior to the public opening) at a gallery or museum, or the period before an auction sale reserved for inspection.</P>
<P> </P>
<B><P>prices realized	</B>An auction term for the published list of lots sold with their prices. Most auction houses publish prices realized; the <B>buyer’s premium</B> is most often, but not always, included in these listings.</P>
<B><P>provenance	</B>The ownership history of a work of art. A stated provence may not always be complete; when the list of previous owners can be traced back to the artist’s studio this is the best indicator of a work’s authenticity. <B>Collector's marks </B>on paintings, prints, and drawings help to identify a history as do sales records and exhibitions histories. </P>
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<B><P>recto 	</B>The face or presentation side of a painting, print, or photograph. <B>Verso</B> is the opposite or reverse side of the work. </P>
<B><P>relining 	</B>Indicates that a painting's earlier <B>lining</B> has been removed and replaced with new materials. Relining is a common misnomer for the first application of a lining to a painting. </P>
<B><P>remargined	</B>Repair of <B>losses</B> to the margin of a print or painting.</P>
<B><P>replica		</B>A copy of a work of art by the original artist in the same medium as the first work. Sometimes the word is loosely used for the <B>copy</B> of a work done in the same medium by studio assistants or for reproductions. El Greco and Raphael executed important replicas that are considered in all-important respects to be the equal of the original.</P>
<B><P>reserve 	</B>The auction term for the lowest price that a consigner will accept for a lot, usually 90 percent of the low estimate. Without a reserve price a lot may be sold at any price. </P>
<B><P>restoration 	</B>The conservation and preservation of works of art to maintain a work of art that has undergone damage or deterioration. Conservators at the present time attempt to use non-invasive, reversible methods. <B>Lining</B> or <B>relining</B> paintings, <B>inpainting</B>, revarnishing, <B>remargining</B>, and infilling, are all forms of conservation. Improper restoration that uses heat and pressure may cause irreversible damage to paintings and prints. </P>
<B><P>restrike 	</B>This term refers to a reproduction that was executed without the artist's supervision or knowledge. When used for sculptures, restrike means that a mold has been made from the original or an earlier cast. When used for prints, the term refers to <B>posthumous</B> non-authorized editions of prints where the plate has often been retouched, or to photomechanical reproductions.</P>
<B><P>retouching 	</B>The original meaning referred to the additions an artist made as final adjustments to a painting, but now refers to the restoration of areas of loss or damage. Contemporary conservation and restoration ethics maintain that retouching or <B>inpainting</B> be executed in a medium that is easily removed and that it not extend beyond the area of loss.</P>
<B><P>ring </B>		An informal agreement among dealers that they will not bid against each other for a specific item at auction or in a private sale. After the initial sale is consumated they meet to sell the work to one of the dealers in the pool. Each dealer writes down the figure that he or she is ready to pay. The highest bidder ends up with the merchandise, while the others split the difference between the actual purchase price of the item and the price reached in the post-auction "knock-out." These activities amount to restraint of trade and are illegal in most states. <B>Pool </B>is a synonym..</P>
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<B><P>school of 	</B>A work, that is by a pupil or follower of the artist.</P>
<B><P>secondary art market	</B>Market for works of art that have previously been bought and sold through primary sources, i.e., studio of artist, gallery or dealer representing artist, and now offered at auction or through private sources.</P>
<B><P>series 		</B>Prints, paintings, drawings, or sculptures that belong together because of related imagery, content, or style. The artist or publisher may designate that certain works of art be treated as a series or set.</P>
<B><P>shill</B> 		An auction term for an individual planted in the crowd by the house or by an individual <B>consignor</B> to bid up the price of a <B>lot</B>. Contracts at most houses forbid the consignor or his agent to bid on the lot he has consigned.</P>
<B><P>signature	</B>The name or distinctive mark of the artist on the work of art. Also used in the book trade for the folds of paper that when cut are a section of the pages in a book.</P>
<B><P>signed 	</B>A handwritten <B>signature</B>, in pen, crayon, chalk, pencil, marker, or paint, which, in the opinion of the auction house or expert, is the artist's signature.</P>
<B><P>studio of, workshop of 	</B>A work which may have been executed under the supervision of the artist. See <B>atelier</B>.</P>
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<B><P>taller</B>	A Spanish word that means an artist's workshop or studio. In many of the earlier ateliers, one or more artists would work with or oversee several assistants.</P>
<B><P>telephone bid </B>An auction term for a bid from someone not attending the auction, who makes advance arrangements with the house to bid actively during the auction. </P>
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<B><P>underbidder </B>The losing bidder, the second highest bid.</P>
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<B><P>verso 	</B>The reverse side of a painting, print, or photograph, the opposite of <B>recto</B>.</P>
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<B><P>watermark 	</B>A translucent identifying mark on a sheet of paper made during its manufacture by variations in pulp thickness. It may be a symbol (e.g., fool's cap or crown), a monogram, or company name that has been formed in the wire of the papermaker's mold. Because the paper will be thinner in that area, it is semi-transparent when held to the light. Watermarks are usually read from the image side of the paper.</P>
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