A formal evaluation of the fair market and/or insurance value of a given property. Fair market value represents an item would bring at auction. Insurance value reflects what we believe it would cost to replace an item.
A trained professional who presides over the auction, initiating the sale of a lot by describing the item and starting the bidding. Once the first bid is made, others may offer higher bids. Bidders may be present in the saleroom, on the phone, or online. Auctioneers also place bids on behalf of absentee bidders and finally determine when the highest bid has been made. If a work sells, the auctioneer announces, “sold.” If the item does not meet its reserve or there are no bidders, the auctioneer signifies this with a “pass.”
The amount by which the auctioneer increases the bidding. In general, the auctioneer will request bids of about 10% higher than the previous bid. For instance, if the bidding opens at $5000, subsequent bids of $5500, $6000, $6500, etc. would follow. The figure is generally rounded up or down at the auctioneer's discretion.
An option that sellers can include on their Auction listings. This feature enables buyers to purchase the item immediately at a fixed price, as opposed to using the live auction bidding process.
- bids from an in-house audience
- telephone bids
- book bids
- absentee bids
- other bidding platforms
Each lot is given a low and high estimate, representing the opinion of the auctioneer's experts about the range in which the lot might sell at auction. Estimates are based on the examination of an item and recent auction records of comparable pieces. An estimate provides prospective buyers with an important preliminary guide to value and is generally the basis for establishing the reserve price.
Fair Market Value:
A term frequently used by appraisers referring to their judgment and opinion about an object’s likely sale price if offered by a willing seller to a willing buyer. Since the auction process is open to all bidders, a sale at auction is considered to be a measure of Fair Market Value.
A warning that's sometimes given by the auctioneer that the hammer is about to come down on a lot. The fair warning offers one last chance to increase the bidding. If there are no subsequent bids, the auctioneer’s hammer falls and the sale is completed.
The winning bid for a lot at auction. It is the price upon which the auctioneer’s hammer falls, determining the sale price, but does not include the buyer's premium.
Make An Offer(MAO) lets you offer the seller a price you're willing to pay on Buy It Now items. The seller decides whether to accept, reject, or counter your offer.
Terms used by the auctioneer when an item fails to reach its reserve at auction.
An important part of the authentication process, provenance establishes the chain of ownership back (if possible) to the date an item was created. Provenance can significantly impact the value of an object.
A detailed description and the current value of the property are prepared by the auctioneer's staff. Valuations, which differ from auction estimates, are used for a variety of needs, including charitable contributions, collateral loans, estate taxes, estate planning, and insurance.