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Auction glossary
A reference guide to the terminology used in our catalogues, sales, and correspondence.
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- Absentee Bid
- A bid submitted in writing before a sale by a buyer who cannot attend in person.
- Buyer’s Premium
- The additional percentage charged to the buyer on top of the hammer price. At MELE, this is 25 percent inclusive of VAT.
- Hammer Price
- The price at which the auctioneer brings down the hammer, signalling the acceptance of the highest bid.
- Lot
- Any individual item or group of items offered as a single unit in an auction sale.
- Provenance
- The documented history of ownership of a work.
- Reserve Price
- The minimum price below which a consignor has agreed a lot may not be sold.
- Estimate
- The specialist’s opinion of the likely hammer-price range, published in the catalogue.
- Condition Report
- A written assessment of a lot’s physical state, available on request before the sale.
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