Abacus
Antique Dealers: Antique Terminology Used At Auctions
For
antique collectors attending and bidding at an auction
can be a heart stopping event particularly if you
have been after a certain piece for a long time and
it has finally come up at auction. Even those who
are relatively new to the world of antiques and auctions
get a huge thrill even if they are only going with
the hope of learning a little more about buying and
selling. As thrilling as attending an auction might
be it can also be very confusing unless you know the
terminology that is being used there, so here it is
explained in plain English.
An
absentee bid means that you are able to bid on an
item without actually having to be here in the auction
room. All absentee bids have to be put in before the
auction starts by any means that the auctioneer has
agreed too such as on the on the phone or online.
An
absolute auction is a term that is used for the items
won by the one who puts in he highest bid and there
are no limitations or reserved prices.
Appraisal
is the value of confirmation of the value by someone
such as an auctioneer, they are also known as the
appraiser.
Catalogue
auctions are conducted in a different location to
where the actual items listed for sale are being held.
The items are presented in catalogues and the actual
viewing of the items will have been made before the
auction itself has started.
The
hammer price is the price that the item sold for at
the time when the auctioneer dropped the hammer and
considered the item to be sold.
Private
auction can take place and this means that the people
bidding on the item or items are not seen.
A
reserve auction can be held and if this is the case
then the lot will have a set amount put on it and
this amount isn’t disclosed. Bidders will bid
on the lot and if the reserve price isn’t met
then the seller can refuse to sell or can accept the
lower bid.
This
is some of the most common terminology that is used
at auctions and although this will vary a little from
place to place is used throughout for the most part.
Great bargains can be gained at auctions but you have
to know what to look for and understand the lingo
in the auction room and among collectors if you are
to get ahead in the antiques business.
