Auctioneer

The person who conducts an auction. The auctioneer introduces each lot offered for sale, acknowledges bids, and announces whether lots are sold or unsold, their final bid prices, and the paddle numbers of successful bidders.

Bid

The offer to buy property at a specific price. You may submit a bid in person, by fax, telephone, or through internet.

Estimates

A price range printed in the catalogue that reflects the opinion of our specialists of the price expected at auction, excluding premium and taxes. Estimates are based on the property's condition, rarity, quality, provenance and recent auction prices of comparable property. An estimate is offered for bidders only as a measure for bidding price consideration, not as representation or prediction of the actual price at which a lot will sell.

Hammer Price

The final bid price, whether property is sold or unsold, announced by the auctioneer when the gavel falls. This price does not include the buyer's premium.

Item

An object offered for sale. Also called Property or Lot.

Lot

An object or group of objects offered for sale as one unit. Also called Property or Item.

Lot Number

A series of number put for Lots starting from one (1) in Catalog. An auction is conducted in ascending order.

Paddle

A numbered card assigned to a particular bidder registered at an auction. The paddle is raised to bid, and the auctioneer calls out the paddle number of the successful bidder as each lot is sold.

 

Preview

Scheduled exhibitions of property held in advance of the auction. Previews are open to the public and may be attended at no charge.

Private Sale

After the auction, we may hold a private sale for the items that have not been sold at the auction.  You may check the items on the private sale through our website after the auction.  The method of payment and shipment is the same as the case in an auction stated in the Terms and Conditions of Sale.

Reserve

The minimum price the consignor is willing to accept and below which a lot will not be sold. This amount is confidential and will not exceed the low estimate.