A client's instruction directing
Spink to bid on one or more lots up to the maximum amount that the
client has specified for each lot. Absentee bids are also called
written bids, commission bids and order bids.
Absentee Bid Letter
A letter sent from Spink to an
absentee bidder with the results of his bids in a particular
A formal written valuation for
estate, tax or insurance purposes.
A public sale in which property or
items of merchandise are sold to the highest bidder.
A preliminary estimate of the
amount an item may sell for at auction.
The person who conducts an auction.
The auctioneer introduces each lot offered for sale, acknowledges
bids and announces whether lots are sold or unsold, their final bid
prices, and the paddle numbers of successful bidders.
The official record of the auction,
with the auctioneer's notations of paddle numbers of successful
bidders and final bid prices for each lot.
The offer to buy property at a
See Sale Clerk.
An individual or entity offering to
purchase property at auction.
The highest bidder acknowledged by
A percentage of the final bid price
that the buyer pays to Spink.
An illustrated record of property
to be offered for sale in a particular auction. Catalogues are
available in printed form and on the Spink web site.
Charges paid by the seller.
See Absentee Bid.
A written description of condition
prepared as a service to prospective bidders upon request to the
specialist department. Information is provided in accordance with
the Conditions of Sale/Conditions of Business and Limited
Conditions of Sale/Conditions of Business
The terms that cover the buying and
selling of property at Spink. This information is printed at the
back of every catalogue.
A contract with the consignor to
sell property. The consignment agreement includes Spink's terms and
fees for services, such as insurance, shipping and
The individual or entity on whose
behalf Spink is auctioning property.
See Emergency Bid.
A pre-arranged absentee bid left by
a telephone bidder if that bidder cannot be reached during the
auction. Also called a covering bid.
A price range printed in the
catalogue that reflects the opinion of our specialists of the price
expected at auction, excluding premium and taxes. Estimates are
based on the property's condition, rarity, quality, provenance and
recent auction prices of comparable property. Prepared well in
advance of the auction, estimates are subject to revision.
Final Bid Price
See Hammer Price.
The small mallet or hammer used by
the auctioneer to signal the end of bidding on each lot.
The final bid price, whether
property is sold or unsold, announced by the auctioneer when the
gavel falls. This price does not include the buyer's premium.
The terms and conditions upon which
Spink guarantees the authenticity of property offered for sale.
Detailed information for each sale is found in our printed and
An object or group of objects
offered for sale as one unit.
See Absentee Bid.
A numbered plastic card assigned to
a particular bidder registered at an auction. The paddle is raised
to bid, and the auctioneer calls out the paddle number of the
successful bidder as each lot is sold.
A term used when the bidding for a
lot does not reach its reserve. The lot remains the property of the
consignor. Other terms used are "return to owner," "withdrawn," or
See Buyer's Premium.
The sold price, including the
hammer price plus the buyer's premium. In addition, buyers pay any
sales, use or value added taxes (VAT) that may be due.
Information concerning a lot's
current or prior ownership. Provenance may affect a lot's
See Price Realised.
The process of providing bidder
information, including identification, billing name and address,
and credit reference in order to bid. At an auction, registered
bidders receive a numbered bidding paddle for that sale.
The minimum price the consignor is
willing to accept and below which a lot will not be sold. This
amount is confidential and will not exceed the low estimate. Unless
otherwise indicated, property sold at Spink is offered subject to a
Staff member at the podium who
assists the auctioneer in spotting bidders, recording successful
bid amounts and paddle numbers, and executing absentee bids. Also
called bid clerk.
A notice read by the auctioneer at
the auction and/or posted at the sale location. Saleroom
announcements may amend information in the catalogue in accordance
with the Conditions of Sale/Business. It is the bidder's
responsibility to find out about this information by contacting the
specialist department. Also called catalogue addendum.
A bid with a staff member who
telephones a client from the saleroom to bid on particular lots and
relays the client's bids to the auctioneer during the bidding on
Scheduled exhibitions of property
held in advance of the auction. Pre-auction viewings are open to
the public and may be attended at no charge. Also called previews