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Glossary of Auction TermsAbsentee BidA client's instruction directing Spink to bid on one or more lots up to the maximum amount the client has specified for each lot. Absentee bids are also called written bids, commission bids and order bids. Absentee Bid LetterA letter sent from Spink to an absentee bidder with the results of his bids in a particular auction. AddendumSee Saleroom Announcement/Notice. AppraisalA formal written valuation for estate, tax or insurance purposes. AuctionA public sale in which property or items of merchandise are sold to the highest bidder. Auction EstimateA preliminary estimate of the amount an item may sell for at auction. AuctioneerThe 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. Auctioneer's BookThe official record of the auction, with the auctioneer's notations of paddle numbers of successful bidders and final bid prices for each lot. BidThe offer to buy property at a specific price. Bid ClerkSee Sale Clerk. BidderAn individual or entity offering to purchase property at auction. Bought-InSee Pass. BuyerThe highest bidder acknowledged by the auctioneer. Buyer's PremiumA percentage of the final bid price that the buyer pays to Spink. CatalogueAn illustrated record of property to be offered for sale in a particular auction. Catalogues are available in printed form and on the Spink web site. CommissionA sliding scale of charges paid by the seller and based on the total value of property bought and sold within a year. For more information, see Seller's Commissions. Commission BidSee Absentee Bid. Condition ReportA written description of condition prepared as a service to prospective bidders upon request to the specialist department. Information is provided in accordance with the Conditions of Sale/Conditions of Business and Limited Warranty. Conditions of Sale/Conditions of BusinessThe terms that cover the buying and selling of property at Spink. This information is printed at the back of every catalogue. Consignment Agreement A contract with the consignor to sell property. The consignment agreement includes Spink's terms and fees for services, such as insurance, shipping and illustration. ConsignorThe individual or entity on whose behalf Spink is auctioning property. Covering BidSee Emergency Bid. Emergency BidA pre-arranged absentee bid left by a telephone bidder if that bidder cannot be reached during the auction. Also called a covering bid. EstimateA 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. Prepared well in advance of the auction, estimates are subject to revision. Final Bid PriceSee Hammer Price. GavelThe small mallet or hammer used by the auctioneer to signal the end of bidding on each lot. Hammer PriceThe 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. Limited WarrantyThe terms and conditions upon which Spink guarantees the authenticity of property offered for sale. Detailed information for each sale is found in our printed and online catalogues. LotAn object or group of objects offered for sale as one unit. Order BidSee Absentee Bid. PaddleA numbered plastic 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. PassA term used when the bidding for a lot does not reach its reserve. The lot remains the property of the consignor. Other terms used are "return to owner," "withdrawn," or "bought in." PremiumSee Buyer's Premium. PreviewSee Viewing. Price RealisedThe sold price, including the hammer price plus the buyer's premium. In addition, buyers pay any sales, use or value added taxes (VAT) that may be due. ProvenanceInformation concerning a lot's current or prior ownership. Provenance may affect a lot's value. Purchase PriceSee Price Realised. RegistrationThe process of providing bidder information, including identification, billing name and address, and credit reference in order to bid. At an auction, registered bidders receive a numbered bidding paddle for that sale. ReserveThe 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. Unless otherwise indicated, property sold at Spink is offered subject to a reserve. Sale ClerkStaff member at the podium who assists the auctioneer in spotting bidders, recording successful bid amounts and paddle numbers, and executing absentee bids. Also called bid clerk. Saleroom Announcement/NoticeA notice read by the auctioneer at the auction and/or posted at the sale location. Saleroom announcements may amend information in the catalogue in accordance with the Conditions of Sale/Business. It is the bidder's responsibility to find out about this information by contacting the specialist department. Also called catalogue addendum. SellerSee Consignor. Telephone BidA bid with a staff member who telephones a client from the saleroom to bid on particular lots and relays the client's bids to the auctioneer during the bidding on those lots. ViewingScheduled exhibitions of property held in advance of the auction. Pre-auction viewings are open to the public and may be attended at no charge. Also called previews or exhibitions.
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