A

Absentee Bid

Also known as ‘proxy’ bid or ‘max’ bid, a bid placed indicating the maximum desired amount of money the bidder wants to offer in an online auction. The software will bid on the client’s behalf, in the lowest increment possible, up to the set maximum bid. Click here for more information.

After Sale

The selling of an unsold item after an auction has closed as negotiated by the specialist on behalf of the seller and buyer.

Appraisal

A formal evaluation of fair market or replacement value of a given item, arrived at by comparing similar works. Appraisals are typically conducted for probate, estate planning, insurance, division and selling of assets, etc.

• Fair market value is the price that property would sell for on the open market. It is the price agreed upon between a willing buyer and a willing seller with neither being required to act, and both having reasonable knowledge of the relative facts.

• Replacement value is the cost to replace an item with another property having similar qualities within a reasonable amount of time in the most relevant marketplace.

• Auction estimate appraisal provides a value range that reflects what we would sell the item for at an auction at Waddington’s, based on the secondary market.

The appraisal opinion is rendered after considering several factors, including object identification, an item’s history (provenance), and an analysis of relevant market information. Click here for more information.

As Is

Refers to an item offered at auction as it exists in its present condition. Example: a hairline crack in a vase. Click here for more information.

Auction

A public sale, either live or online, in which property or merchandise is consigned to an auctioneer and sold to the highest bidder.

Auction Estimate 

A value range of the amount an item may sell for at auction based on sales results, conditions, provenance, etc. for comparable items. Auction estimates are not guarantees of an auction result.

Auctioneer

A trained professional who conducts a live auction by describing items and taking bids from individuals present in the saleroom, on the phone, online, or by way of absentee bids.

Auction/Bidding Closing Time

This is the time that an auction will start to close. Lots in Waddington’s online auctions close consecutively at timed intervals of one minute. (Please note that lots in Waddington’s Wine & Spirits auctions begin closing in groups of 25 lots every 10 minutes.)

 

B

Bid

An offer to buy property at a specific price. Bids are usually in standardised increments as established by the auction house. In an online auction, bids are placed by the client via the bidding platform.

Bid Increment

The amount by which the auctioneer, or online auction software, increases the bidding for a lot during an auction. Click here for more information.

Bidder

An individual or entity offering to purchase property at auction.

Bidding Extension

Also known as ‘overtime,’ any bid placed within the final five minutes of an auction to extend the bidding period by an additional five minutes. This process continues until no further bids are placed within the five-minute window, ensuring that all interested bidders have a fair opportunity to participate.

Buyer’s Premium

A percentage of the hammer price constituting part of the final purchase price of a lot. Buyer’s premiums are typically tiered and based upon the value of the lot. Click here for more information.

 

C

Catalogue

A publication of the items available in a particular auction, either in printed or digital format. Catalogues generally include images of the lots, descriptions, dimensions, and the auction estimates.

Catalogue Raisonné

A comprehensive scholarly listing of an artist’s entire oeuvre, with information including the medium, date, dimensions, provenance, and exhibition history of each artwork. Catalogue raisonnés are generally created by scholars or artists’ estates, etc.

Cataloguing

An action undertaken by department specialists whereby a lot’s specific information is recorded. Information includes the name of the artist or maker, the year of its creation, a detailed description including dimensions, provenance (history of ownership), exhibitions in which it has appeared, and publications in which it has been documented.

CITES (Convention on International Trade in Endangered Species)

An international agreement between countries to help ensure the import and export of certain items will not be harmful to the survival of species includes bone (whalebone, etc.), ivory, tortoise shell, seal skin, rhinoceros horn and any other animal part that is strictly controlled or forbidden by most countries. Click here for more information.

Condition Report

A detailed report of the condition of an object or work of art offered at auction. Condition reports are available in the lot’s description or by placing a request with the auction specialist.

Note: Our specialists are not professional conservators or restorers. Our condition reports are a statement of opinion genuinely held by Waddington’s. They are prepared as a courtesy and provided for guidance only. Condition reports are not a substitute for physical examination.

Please note, due to the nature of digital photography, certain images of the Lot provided online may not accurately reflect the actual colours or shades of the Lot.

Consignment Agreement

Also known as a ‘Vendor Agreement,’ a document that sets out the conditions under which items are accepted and scheduled for auction, as agreed upon by the consignor and auction company.

Consignor

Also known as ‘seller’ or ‘vendor,’ the owner or authorised agent who consigns property for sale at auction.

Consignor Fees

Also known as ‘vendor fees’ or ‘selling commission,’ a percentage of the hammer price is charged to the consignor for providing consignment services, generally including selling commissions, insurance, and photography. Click here for more information.

Current Bid

The current bid is the current, highest bid on an online platform.

 

E

Estate Auction

An auction selling the belongings of an estate or family. It is usually done due to downsizing, moving, bankruptcy, or after a family member passes away.

Estimate

A price range that reflects the opinion of specialists on the selling price expected at auction. Based on a specialist’s thorough examination of quality, condition, rarity, provenance and recent auction (secondary market) records of comparable items. Estimates provide prospective buyers with an important preliminary guide to value and are generally the basis for establishing the reserve price in an auction.

 

F

Fair Market Value

Fair market value (FMV) is defined as the highest price, expressed in terms of money, that the property would bring in an open and unrestricted market, between a willing buyer and a willing seller who are knowledgeable, informed, and prudent, and who are acting independently of each other.

 

H

Hammer Price

The winning bid for a lot at auction. It is the price upon which the auctioneer’s hammer falls in a live auction or the clock runs out in a timed (online) auction. Hammer price does not include the buyer’s premium or applicable sales tax.

 

I

Increment

The amount by which the auctioneer increases the bidding in a live sale or the amount the bidding software increases the bid in a timed (online) auction. Lots in Waddington’s online auctions close consecutively at timed intervals of one minute.

Insurance

The insurance value of an item or lot being offered at auction is equal to its reserve price, if such a price has been agreed to on this receipt. In the absence of a reserve price, the insurance value is determined as the mean pre-sale estimate of the selling price prior to the auction, to be adjusted to the hammer price at the time of the auction. This charge will also cover items picked up at your premises by members of our staff or our agents.

 

L

Lot

An item or group of items offered for sale at auction as a single unit and assigned a number for easy identification during an auction.

 

M

Max Bid

Also known as a ‘proxy’ bid or an ‘absentee’ bid, the maximum bid amount a bidder would offer for a lot. This amount is set by the prospective buyer during a timed (online) auction; the software bids in the lowest increment possible up to the maximum bid.

 

O

Online Auction  

Also known as a ‘timed auction,’ this is an auction that is conducted online. Interested buyers must register prior to the sale’s commencement to participate in the bidding. Online auctions at Waddington’s generally are available for bidding for 10 – 14 days.

Overtime

Also known as ‘extension,’ any bid placed within the final five minutes of a Waddington’s auction extends the bidding period by an additional five minutes. This process continues until no further bids are placed within the five-minute window, ensuring that all interested bidders have a fair opportunity to participate.

 

P

Passed Lot

A term used to indicate that a lot has not received a bid during an auction. The lot remains the property of the consignor. Also known as ‘bought in.’

Price Realised

The posted or published final price of a sold lot that includes the hammer price and the buyer’s premium.

Provenance

Provenance establishes the chain of ownership of an item and is a crucial component of the authentication process. A printed or posted listing of the item’s history, provenance can significantly impact the value of an item at auction.

Proxy Bid

Also known as an ‘absentee’ bid, the maximum bid amount a bidder would offer for a lot. This amount is set by the prospective buyer during a timed (online) auction; the software bids in the lowest increment possible up to the maximum bid.

 

R

Reserve

The confidential minimum price agreed upon between the consignor and the auction house.

Return to Owner (RTO)

The process by which an item that has been through an auction and not sold is returned to the vendor.

 

S

Seller

Also known as ‘consignor’ or ‘vendor,’ the owner or authorised agent that consigns property for sale at auction.

Sell-through Rate

The percentage of inventory sold relative to the amount of inventory offered in an auction. If all items in an auction sell, this is termed a ‘white glove sale.’ Read our blog.

Selling Commission

A commission paid by the consignor to the auction house, which is deducted from the hammer price and other agreed expenses. Click here for more information.

Specialist

A professional hired by the auction house who is knowledgeable and experienced in a specific field of collecting. Specialists are usually responsible for cataloguing items consigned to an auction and determining the estimates and reserves.

Starting Bid

The price at which bidding begins.

 

T

Terms and Conditions 

A legal, published document identifying terms that govern buying property at auction, generally including information on methods of payment, buyer’s premium, shipping, privacy, and more. Click here to view our Buyer Terms & Conditions.

Timed Auction

Refers to an online auction where lots are given a specified time duration in which bidders can actively bid on a lot. Lots in Waddington’s are available for bidding as soon as the auctions are posted.

Timed Bid

A bid made during a timed online auction. You can place a timed bid between the start and end of a timed auction. The highest bidder at the end of the auction wins the lot.

 

U

Underbidder

The bidder that has placed the second-highest bid in an auction.

 

V

Vendor

Also known as ‘consignor’ or ‘seller,’ the owner or authorised agent who consigns property for sale at auction.

Vendor Commission

Also known as ‘consignment fees’ or ‘seller’s commission’ the amount charged to the consignor of property offered at auction. Click here for more information.

Vendor Fees

Also known as ‘consignor fees,’ a percentage of the hammer price charged to the vendor for providing consignment services and generally includes selling commission, insurance, and photography. Click here for more information.

 

W

Withdrawn Lot

A lot that has been removed from an auction before it begins. Click here for more information.

Note: If an item is consigned for inclusion in an auction and the vendor deems it necessary to withdraw the item after the item has been photographed and/or advertised, we reserve the right to charge a withdrawal fee of 10% of the mean pre-sale estimate.

If the item has been catalogued for the auction, and the auction has been posted to our website, then we reserve the right to charge a withdrawal fee equal to the full commission fee and buyer’s premium applicable to the mean pre-sale estimate.

White Glove Sale

An auction where every lot sells, resulting in a 100% sell-through rate.