A Guide
to auction terms

Home Members Tools Guides A guide to auction terms
  • Authenticity guarantee

    The guarantee we provide as principal to the buyer in relation to a purchased lot.

  • Bidder

    Any person or entity registered to bid in a sale.

  • Buyer

    The buyer of record of a lot.

  • Buyer’s expenses

    Any costs or expenses, plus any applicable VAT, due to House of Assets from the buyer in respect of the purchase of a lot.

  • Buyer’s premium

    the commission the buyer must pay to us as part of the purchase price for auction lots. The buyer’s premium rate is subject to change at any time. The current buyer’s premium rate for all auctions is 0% of the hammer price. Buyer’s premium is subject to any applicable VAT.

  • Catalogue

    the list of lots offered in a sale and associated information, available on House of Assets.

  • Consignor

    The owner of a lot who is transferring the asset to House of Assets to act as agent on their behalf for sale.

  • Designation

    The consignor of a lot is sometimes identified through a designation line at the start of a catalogue entry. The designation may identify the current owner by name or through a descriptive title.

  • Fair market value

    A term frequently used by appraisers referring to their opinion or judgement about an asset’s likely sale price. Since the process is open to all bidders, a sale at auction is considered to be a measure of fair market value.

  • Hammer price

    For each auction lot sold, the last price acknowledged, or in the case of a post-auction sale, the agreed sale price. Hammer price is subject to any applicable VAT.

  • Lot

    An individual object or group of objects offered for sale at auction as a single unit.

  • Provenance

    An important part of the authentication process, provenance confirms the chain of ownership back to the date an asset was created. Provenance can significantly impact the value of an object.

  • Parcel

    This is a group of lots of the same type and quantity of wine. There may be some discrepancies between the different lots in a parcel with respect to level, condition or otherwise, as set out in the catalogue descriptions for each lot.

  • Purchase Price

    For auction lots, this is the hammer price plus the buyer’s premium, any applicable VAT and/or sales or use tax, and any applicable artist resale right royalty payable by the buyer on a qualifying lot.

  • Reserve

    The confidential minimum hammer price at which an auction lot can be sold.

  • Sale

    The timed online auction.

  • Seller

    The person or business that is offering a lot for sale.

  • Valuation

    A detailed description and current value of property prepared by the auction house’s staff. Valuations, which differ from auction estimates, are used for a variety of needs, including charitable contribution, collateral loans, estate taxes, estate planning and insurance.

  • VAT

    any applicable Value Added Tax or goods and services tax, or an amount in lieu of VAT for goods and services tax, as the case may be, at the prevailing rate.

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