3. As is- The item is sold in its
current condition, with
imperfections and faults at
the time of auction.
4. Auctioneer- The conductor of
the auction, usually a trained
professional, can be a man or
woman. They are usually
known for their ability to
fetch outstanding prices for
items, even in the stingiest of
crowds. Auctioneer’s use
many different styles that are
catered to specific
demographics.
5. Bid- The amount a prospective
buyer signals he/she would
like to pay for the item
currently being auctioned.
6. Bought In- Art that fails to
sell and gets returned to the
consignor.
7. Buyer’s Premium- The fee that
the auction house adds to the
hammer price of an item,
usually a percentage from 10-
20%.
13. Protecting a Market- When a
dealer places a bid on behalf
of an artist to assure that the
market value of an artist does
not fall. Major artists usually
expect this type of financial
protection from dealers.
14. Reserve- The minimum price
that a consignor will allow the
item to be sold for. If the
reserve is not met then the
work will be bought in.
15. Sell Through Rate- The
percentage compiled to assess
how the auction performed.
Rates below 75% are
considered to be
underperforming.
16. White Glove Sale- An auction
in with a 100% sell through
rate. A party usually ensues
after.