Absolute Auction - Absolute auctions are won by the highest bidder without any limitations or reserve prices being imposed.

Appraisal - Formal written appraisals are often made prior to an item being offered for sale. The object to be sold is compared with similar items that have sold recently. The appraiser must have a good knowledge of the market. No appraisal is definitive, but estimates of value are more reliable when offered by a reputable auction house.

As Is - All items for sale at auction are offered "as is." This means the property is sold with any pre-existing faults or imperfections. You are encouraged to inspect each item carefully before placing a bid.

Auctioneer - The person who conducts an auction sale.

Auction House - Usually refers to auctioneers who hold auctions at their own premises. The company is referred to as an auction house.

Authorship - This term refers to the identity of the creator, period, culture and source or origin of an object as outlined in the catalog lot description.

Bought In - If there are no bids on a lot, or if bidding does not reach the reserve price, the lot is considered "bought in." This means that the lot is left unsold and remains the property of the owner.

Buyer's Premium - Each final bid is subject to a Buyer's Premium. This premium is added to your winning bid and constitutes the purchase price. Applicable sales taxes are computed on this figure and the total becomes your final purchase price.

Catalog Auctions - These auctions are usually held in a location different to where the actual goods for auction are kept. Viewing of the goods will have taken place prior to the auction.

Conditions of Sale - All sales are final and subject to our Conditions of Sale found in the front of the auctioneer's catalog, at the gallery reception desk and also on this site. Be sure to read the relevant conditions carefully before making a bid.

Consignor - The consignor is the owner of an item who has transferred the property to Showcase Auctioneers & Appraisers to act as agent on the owner's behalf for the sale at auction.

Dutch Auction - An auction where a seller has listed multiples of the same item. All winning bidders pay only the lowest successful winning bid amount.

Fair Market Value - This term is used frequently by appraisers referring to their judgment and opinion about the sale price an object is likely to achieve if it is offered for sale at a public auction. Since the auction process is open to all bidders, a sale at auction is considered to be a measure of Fair Market Value.

Gavel or Hammer - Either word may be used to describe the auctioneer's hammer that is struck to close the bidding.

Hammer Price - This term is used to describe the successful bid for a lot at auction. It is the sale price before the addition of the buyer's premium or sales tax, if applicable.

Increment - This is the amount by which the auctioneer increases the bidding. In general, an auctioneer will request bids of about 10% more than the previous bid. If, for example, the bidding opens at $1000, subsequent bids of $1100, $1200, $1300, etc., would follow. The increment may be rounded up or down at the auctioneer's discretion.

Knocked Down - This is a traditional auction house term for the hammer coming down and bringing an end to the bidding.

Lot - This term refers to either an individual object or a group of objects that are offered for sale at auction as a single unit. Each lot is assigned a number in the auctioneer's catalog for easy identification during the auction.

Paddle - This is the traditional name for an implement, now more often a numbered card, given to each bidder at the registration desk. The paddle (or card) will contain the number assigned when you registered for the auction. When you want to place a bid, you simply raise your paddle until the auctioneer acknowledges you. If you are the highest bidder on a lot, your number is recorded alongside your bid. Be sure to retain your paddle and bring it with you when paying for your purchase.

Pass/Bought In/Unsold - These are various terms used by the auctioneer when an item fails to reach its reserve price during an auction.

Pre-Sale Estimate - This is the price range in which we expect an item to sell at auction. This estimate is based on our examination of the piece and our knowledge of the prices paid for similar objects sold. Pre-sale estimates are generally published in the auctioneer's catalog. These estimates should be considered only an approximate guide to current market value and should not be interpreted as a price. Estimates are determined at the time a piece is consigned, which is well in advance of the sale, and are therefore subject to revision without notice. The pre-sale estimate provides prospective buyers with a preliminary guide to value and is generally the basis for establishing the reserve price (see below). An estimate is not to be confused with an appraisal (see above), which is a formal written document used for insurance, estate and tax purposes.

Private Auction - Bidders' identities are not disclosed in this type of auction.

Provenance - This term refers to the history of ownership of the item being sold. An interesting or unusual provenance can add to the value of a piece, such as when an item was previously owned by a famous (or notorious) person, a popular celebrity, or an important historical figure.

Proxy Bidding - Submitting a confidential maximum bid to an auction service. The auction will automatically increase the bid to maintain the high bid. The proxy bidding will stop when the bid has won the auction or reached the limit of the proxy bid.

Reserve Price - This term refers to the confidential minimum price that has been agreed upon between the seller/consignor and the auction house. The reserve price for an item is often set at 80% of the low estimate. Usually, an item will not be sold at less than the reserve price.

Sealed Bid - Not a true auction. Confidential bids are submitted and opened only at a predetermined place and time.

Telephone Bidding - In certain cases, and only by pre-arrangement, Showcase Auctioneers & Appraisers will accept bids from a potential buyer by telephone. An auctioneer's assistant in the gallery will relay the bidding information. Telephone bidding is generally only an option for lots of substantial value.

Yankee Auction - An auction where a seller has listed multiples of the same item. Each winning bidder pays their exact high bid.