Glossary of Auction Terms

A method of bidding for those who cannot or do not wish to attend an auction. Absentee bids are also called “written,” “commission” or “order” bids and may be placed by filling out and submitting an Absentee Bid Form, or online.

A formal evaluation of the fair market and/or insurance value of a given property. Fair market value represents what Bosvena Auctions believes an item would bring at auction. Insurance value reflects what we believe it would cost to replace an item. Our Valuations department conducts appraisals by comparing your piece with similar, recently sold works, but no appraisal is definitive. You do not need a formal written appraisal in order to obtain a presale auction estimate.

According to the European Union’s Artist’s Resale Right Directive, adopted by the United Kingdom, living artists and artists who died within 70 years prior to the date of the sale are entitled to receive a resale royalty each time their art work is sold by an art market professional, subject to certain conditions. Bosvena Auctions will collect the resale royalty from buyers of lots with a hammer price (excluding buyer’s premium and VAT) in excess of €1000.

The amount a prospective buyer signals the auctioneer he/she would pay to buy the lot during bidding, minus any additional auctioneers fees and associated taxes.

The amount by which the auctioneer increases the bidding. In general, the auctioneer will request bids of about 10% higher than the previous bid. For instance, if the bidding opens at £5000, subsequent bids of £5500, £6000, £6500, etc. would follow.

If there are no bids on a lot, or if bidding does not reach the reserve price, the lot is “bought in,” meaning it is left unsold and remains the property of the owner.

A premium of 22% (plus VAT) above the hammer price that is paid as part of the total purchase price.

Factual information about a lot offered for sale, such as the name of the artist or maker, a detailed description of the object, the year of its creation, its provenance, major exhibitions and publications. Published in the auction catalogue, in both print and online editions.

A written description of the condition of a work, prepared by Bosvena Auctions specialists prior to an auction.

This important text describes the terms under which Bosvena Auctions and the consignor agree to sell a lot to the purchaser. It is important to read the conditions carefully before bidding.

The owner who is transferring property to Bosvena Auctions to act as agent on his or her behalf for sale.

Each lot is given a low and high estimate, representing the opinion of Bosvena Auctions experts about the range in which the lot might sell at auction. Estimates are based on examination of an item and recent auction records of comparable pieces.

Another term for a Bosvena Auctions specialist who is an expert in specific fields of collecting. Bosvena Auctions specialists are often scholars with distinguished careers.

The winning bid for a lot at auction. It is the price upon which the auctioneer’s hammer falls, determining the sale price, but does not include the buyer’s premium.

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

All lots featured at Bosvena Auctions are available to view around the world via the internet. Lots sold at our premises also benefit from live bidding — bids can be placed live during the auction over the internet, from anywhere in the world.

Terms used by the auctioneer when an item fails to reach its reserve at auction.

Every work that goes to auction is photographed by Bosvena Auctions for documentary and promotional purposes. Photographs appear in our online and print catalogues.

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

Never formally disclosed, the reserve price is the confidential minimum price agreed upon between the consignor and Bosvena Auctions. Reserves must be set at or below the low estimate.

Immediately following every auction, results are posted online in the currency of the auction location. Customarily, results display the hammer price excluding the buyer’s premium.

A commission paid by the consignor to Bosvena Auctions, which is deducted from the hammer price.

Many buyers prefer to bid via phone, using a Bosvena Auctions representative who is present at the auction to relay bids to the auctioneer on their behalf.

A detailed description and current value of property prepared by Bosvena Auctions staff. Valuations, which differ from auction estimates, are used for insurance, estate planning and taxes.