ANTIQUES AND REPRODUCTIONS

An antique is defined as any object over 100 years old. Reproductions are modern recreations of antique pieces, often designed to resemble the original.

“AS IS”

Items sold “as is” are offered in their current condition, with no guarantees or warranties regarding quality, authenticity, or functionality. Buyers assume all risks upon purchase.

AUCTION

A public sale where items are sold to the highest bidder. Auctions can be conducted live, online, or hybrid (a combination of both).

AUCTION WITH RESERVE

An auction where the seller sets a minimum price that must be met before the item is sold. If bids do not reach this amount, the seller has the right to withdraw the item.

AUCTION WITHOUT RESERVE

Also known as an absolute auction, this means the item will be sold to the highest bidder, regardless of the price.

AUCTIONEER

A licensed professional who conducts the auction, announces bids, and manages the bidding process to ensure fairness and efficiency.

BID

An offer to purchase an auction item at a specific price. Bids increase incrementally until no higher bids are placed.

BID CALLER

Another term for an auctioneer, the individual responsible for calling out bids and maintaining the flow of the auction.

BID NOTE

A documented record of a buyer’s bid, confirming their commitment to purchasing the item if they win.

BOOKKEEPER / CLERK

An auction staff member responsible for recording sales, processing payments, and managing auction records.

BUYER’S PREMIUM

A fee paid by the buyer in addition to the hammer price. This is typically a percentage of the final bid and is set by the auction house.

COMMISSION

The fee charged by the auction house for facilitating the sale. This is usually a percentage of the final selling price, paid by the seller or buyer (or both).

ESTATE SALE

An auction that liquidates the property of an individual or estate, often due to inheritance, downsizing, or other circumstances.

HAMMER PRICE

The final bid price when the auctioneer’s hammer (or gavel) falls, marking the sale of the item. This price does not include additional fees or commissions.

LITHOGRAPH

A high-quality print of an original artwork, created using a special printing process. Lithographs are often sold at art auctions.

MULTI-PROPERTY AUCTION

An auction featuring multiple properties—such as real estate, collectibles, or assets—sold in one event.

RESERVE

The minimum price set by the seller in a reserve auction. If bids do not reach this amount, the item will not be sold.

TAX SALE

An auction where properties or assets are sold due to unpaid taxes. Buyers purchase these properties directly from government entities or legal authorities.

TERMS AND CONDITIONS

The rules and policies governing the auction, including payment methods, bidding requirements, and item removal procedures.

TIE BIDS

When two or more bidders place the same bid at the same time. In such cases, the auctioneer may reopen bidding or give priority to the first bid placed.

TYPES OF PAYMENTS ACCEPTED

The approved payment methods for auction purchases. Common options include credit/debit cards, wire transfers, cashier’s checks, and cryptocurrency (if applicable).