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<DIV ALIGN="CENTER"><font face="Arial, Helvetica, sans-serif" size="+1"><B>Auction 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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<TD><A HREF="AuctionGloss.html#auctionA" ><B>
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S</B></A> </TD><TD>
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<A NAME="auctionA"></A>
<font face="Arial, Helvetica, sans-serif" size="+1"><B>A</B></font>
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<B><P>apocryphal	</B>Word used in auction <B>catalogs</B> for works of questionable authenticity.</P>
<B><P>as is	</B>A cautionary note that the auction house does not guarantee the condition of the object for sale. </P>
<P> </P>
<B><P>auction	</B>A sale in which the auctioneer, acting as the agent for sellers or <B>consignors</B> or selling material he owns, offers a series of objects to prospective buyers who bid incrementally. The highest bidder buys the object. The auctioneer encourages bidding to try to get the highest price since his payment may be a percentage of the sale.</P>
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<font face="Arial, Helvetica, sans-serif" size="+1"><B>B</B></font>
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<B><P>bought in	</B>If a <B>lot</B> does not achieve its <B>reserve</B>, it is said to be bought-in,<B> passed</B>,<B> </B>or <B>not sold</B> by the auction house and will be returned to the <B>consignor</B> or offered at a later sale. The auction house may bid on behalf of the consignor against bids from the floor; only if the work still does not reach its reserve is it bought-in. A 1987 New York City law requires the house to announce the disposition of an unsold lot as passed, returned to owner, <B>withdrawn</B>, or bought-in. New York City also requires that all lots with a reserve be marked with a black square or dot in the auction catalog. It is increasingly common that, after the sale, the auction house will accept bids on a lot that has been bought-in. Also referred to as <B>B.I.</B> See <B>sold after sale.</P>
</B>
<B><P>buyer's premium	</B>At most auctions a premium amounting to 10% to 17 1/2% of the <B>hammer</B><FONT COLOR="#0000ff"> </FONT><B>price</B> is added to the cost of each item. Sales tax is calculated on the total. An auctioneer who adds a buyer’s premium will usually indicate this in the catalog or in his advertisements.</P>
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<font face="Arial, Helvetica, sans-serif" size="+1"><B>C</B></font>
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<B><P>catalog	</B>The catalog is the written material that accompanies an auction; it may be mimeographed lists with brief descriptions or beautifully illustrated, carefully researched, book-length publications. The front or back of each catalog will usually cite the terms of sale, <B>buyer’s premium</B>, and perhaps a glossary of terms used. The <B>lot</B> listings are usually arranged in chronological order by date of execution; prints are often listed in alphabetical order. An auction catalog is a marketing tool, and listings of provenance or previous sale history may be selective.</P>
<B><P>catalog sale</B> An auction for which a printed listing of lots is prepared and distributed in advance. See <B>catalog</B>. </P>
<B><P>consignor	</B>The individual who places a piece or pieces for sale at <B>auction</B> or in a gallery.</P>
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<B><P>estimate</B> 	The price range within which an auction house expects to sell a particular lot. The estimate is frequently included in a printed <B>catalog</B>. An estimate is the auctioneer's best judgment based on sales history, condition, and the desirability of a particular piece.</P>
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<B><P>hammer price</B> The price at which a <B>lot</B><FONT COLOR="#0000ff"> </FONT>is sold; the price before the addition of the<FONT COLOR="#0000ff"> </FONT><B>premium</B> and sales taxes. </P>
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<font face="Arial, Helvetica, sans-serif" size="+1"><B>K</B></font>
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<B><P>knockdown	</B>See <B>hammer price</B>.</P>
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<font face="Arial, Helvetica, sans-serif" size="+1"><B>L</B></font>
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<B><P>left bid	</B>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 left bids during the sale.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>lot	</B>An individual work or group of works offered for sale at one time. </P>
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<B><P ALIGN="JUSTIFY">minimum bid	</B>The lowest amount for which the consignor or the auction house is willing to sell. See <B>reserve</B> and <B>sold after sale.</P>
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<font face="Arial, Helvetica, sans-serif" size="+1"><B>P</B></font>
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<B><P>paddle	</B>A numbered card, which may be anything from an imprinted plastic paddle to a paper plate. Bidders are given a paddle when they register and must hold the paddle aloft in order to bid.</P>
<B><P ALIGN="JUSTIFY"></P>
<P>passed	</B>If there is no interest from the floor and no bidding on the lot, or if the item does not reach its <B>reserve</B>, the auctioneer will put the lot aside as <B>bought-in </B>or passed. See also <B>sold after sale</B>.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>pool	</B>An informal agreement among dealers that they will not bid against each other for a specific lot. After the sale they meet to sell the lot 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 at the auction and the price reached in the post-auction "knock-out.". Curiously, some members of the ring never actually deal in merchandise but manage to make a small living simply by participating. These activities amount to restraint of trade and are illegal in most states</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">premium	</B>See <B>buyer's premium</B> and <B>seller’s premium</B>.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>preview	</B>The period before a sale reserved for the inspection or viewing of items to be auctioned. At larger auction houses the preview period may be as long as a week. At smaller sales the preview may be only the day of the sale. Auction house staff will help interested buyers examine furniture, remove prints from frames, or look through a portfolio. Generally, lots cannot be viewed after the sale starts. If it is impossible to schedule a pre-sale inspection, you may sometimes call the auction house in advance and arrange to see the item when you arrive.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>prices realized	</B>A listing of prices achieved for the lots sold. Most auction houses publish these prices with or without the<FONT COLOR="#0000ff"> </FONT><B>buyer’s premium.</P>
</B><P ALIGN="JUSTIFY"></P>
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<CENTER><A HREF="AuctionGloss.html#Top">To Top of Page</A></CENTER>
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<font face="Arial, Helvetica, sans-serif" size="+1"><B>R</B></font>
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<B><P>reserve	</B>The lowest price a consignor will accept for a <B>lot. </B>The reserve can range from 50 to 75 percent of the low<B> estimate</B>. At the major houses the reserve may be close to or at the low <B>estimate</B>, especially for<B> </B>more expensive items. If a reserve is not reached and the lot is <B>bought-in</B>, the piece may be offered again at a later date. Reserves are rarely set at country sales, and sparse attendance may enable buyers to acquire a bargain. See <B>sold after sale. </P>
</B><P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">ring</B>	See <B>pool</B>.</P>
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<font face="Arial, Helvetica, sans-serif" size="+1"><B>S</B></font>
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<B><P>seller’s premium	Consignors</B> are often expected to pay a percentage of the <B>hammer price</B> to the auction house for each <B>lot</B> consigned and sold.This is in addition to charges for insurance, handling, and the cost of photography. The range of premiums varies from zero to 50%.</P>
<P ALIGN="JUSTIFY"></P>
<B><P>shill	</B>An individual planted in the crowd by the house or by an individual <B>consignor</B><FONT COLOR="#0000ff"> </FONT>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>
<P ALIGN="JUSTIFY"></P>
<B><P>sold after sale	</B>If a lot has been <B>bought-in</B>, it may be possible to make a reasonable offer to the auction house and purchase the lot after the sale.</P>
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<font face="Arial, Helvetica, sans-serif" size="+1"><B>T</B></font>
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<B><P>telephone bid	</B>A bid from someone not attending the auction, who makes advance arrangements with the house to bid actively during the auction. Telephone bidding is generally limited to higher priced works, and at important auctions, there may be a bank of telephones in place for long distance participation. Not all telephone bidding is long distance. Bidders sometimes use a pay phone in the auction house so they can bid without being identified.</P>
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<font face="Arial, Helvetica, sans-serif" size="+1"><B>U</B></font>
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<B><P ALIGN="JUSTIFY">underbidder </B>The losing bidder, the second highest bidder.</P>
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<B><P ALIGN="JUSTIFY">withdrawn	</B>A <B>lot</B> removed before the sale begins.</P>
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