15 ESSENTIAL TERMS TOKNOW WHEN ARTAUCTIONINGEt ienne K iss -Bor lase

Appra isa l - The market va lueass igned to an i tem by thehouse spec ia l is ts .

As is - The i tem is so ld in i tscur rent condi t ion , w i thimper fect ions and fau l ts a tthe t ime of auct ion .

Auct ioneer - The conductor o fthe auct ion , usua l ly a t ra inedprofess iona l , can be a man orwoman. They are usua l lyknown for the i r ab i l i ty tofetch outstand ing pr ices fori tems , even in the s t ing iest o fcrowds. Auct ioneer ’s usemany d i f fe rent s ty les that a recatered to spec i f icdemographics .

Bid - The amount a prospect ivebuyer s igna ls he/she wouldl ike to pay for the i temcurrent ly be ing auct ioned.

Bought In - Ar t that fa i ls tose l l and gets re turned to thecons ignor .

Buyer ’s Premium- The fee thatthe auct ion house adds to thehammer pr ice of an i tem,usua l ly a percentage f rom 10-20%.

Condi t ions Repor t -Descr ipt ion of the i tem up forauct ion , usua l ly p repared by aspec ia l is t .

Consignor - The par tyrespons ib le for put t ing thep iece up for auct ion . Canstem f rom the three D ’sknown as D ivorce , Death andor Debt .

Exhib i t ion H istory - A completeh istory of a l l exh ib i t ions inwhich an i tem as appeared .Exh ib i t h is tory may af fect theva lue of the i tem.

Hammer Pr ice - The f ina l andwinn ing b id , gets i ts namefrom the gave l when i t comesdown upon complet ion of anauct ion .

Increment - The amount bywhich the next b id mustsurpass the prev ious b id .

Protect ing a Market - When adea ler p laces a b id on beha l fof an ar t is t to assure that themarket va lue of an ar t is t doesnot fa l l . Major a r t is ts usua l lyexpect th is type of f inanc ia lprotect ion f rom dea lers .

Reserve - The min imum pr icethat a cons ignor wi l l a l low thei tem to be so ld for . I f thereserve is not met then thework wi l l be bought in .

Sel l Through Rate - Thepercentage compi led to assesshow the auct ion per formed.Rates be low 75% arecons idered to beunderper forming.

White G love Sa le - An auct ionin wi th a 100% se l l th roughrate . A par ty usua l ly ensuesaf ter .

etiennekiss-borlase.ch