Absentee Bid

For bidders that are unable to participate in our standard bidding processes, they can still participate through our Absentee Bid method. Personal information is collected, and the desired lot and bid amount are declared through our Absentee Bid Form. Artefact Auction will then place the bid on your behalf. These bids are equally as binding as bids placed through our standard process, and the submission of the Absentee Bid Form is acknowledgement of the auctions Terms and Conditions.

 

Appraisal

An official report written by a Personal Property Appraiser, provided with either a Fair Market or Insurance value. A Fair Market appraisal represents an opinion of value of a particular piece of property within a secondary market, while an Insurance appraisal represents an opinion of cost to completely replace an item. Appraisals are primarily conducted through heavy research of comparable items sold in as recent a time as possible, within a similar market.

 

As-Is

All property offered by Artefact Auction is sold on an As Is basis. That is, all flaws and deficiencies on property are considered when valuations are made and property is sold. Artefact Auction encourages all prospective bidders to carefully inspect each item before they are purchased.

 

Bid

A legally binding monetary purchase agreement between a bidder and the auction house.

 

Bid Increment

A bid increment describes the next possibly accepted bid. These increments are set by the auction house prior to any bidding, and detailed in a bidding schedule in an auction's Terms and Conditions.

 

Buyer’s Premium

A fee paid by the winning bidder to the auction house. Artefact Auction currently charges a 17% Buyer’s Premium. Please see our Member’s Program to reduce your Buyer’s Premium.

 

Catalogue/Cataloguing

A complete list of auctionable property, with each entry containing a Lot number, Heading, Image, Description, Estimate, and Starting Bid. Catalogues can be presented in printed books or pamphlets, or through a digital format such as our online platform. The preparation of this document is referred to as Cataloguing, and is when all the research of property is performed.

 

Condition Report

A declaration of condition, this report is always included within the description portion in our Catalogues. While Artefact Auction has its own policy on how Condition Reports are prepared, we understand that you may have further/more specific inquiries. We are happy to accommodate questions regarding condition, though we highly encourage our prospective bidders to inspect any item in person before bidding.

 

Consignor

Describes the individual/entity that owns the property being auctioned. Artefact Auction works on behalf of a consignor to provide a space where their property can be sold.

 

Estimate

A value with a low and high end, which represents Artefact Auction’s professional opinion as to where these items could sell at auction.

 

Hammer Price

The final bid price of a sold item. Traditionally, the bidding of an item was finalized when a hammer or gavel was struck upon a hardwood soundblock, signaling to all present that bidding was over. The final bid accepted before the hammer struck was the Hammer Price.

 

Lot

Either an individual item, or grouping of property sold as a unit by an auction house. Typically, lots are auctioned off in sequential order.

 

Maximum Bid

Bids may be placed ahead of the next acceptable bid, though they must still rest within the bid increments. Placing a maximum bid allows the auction software to bid on your behalf up to your maximum. An advantage of placing a maximum bid is that any lot that falls below your maximum bid would be yours to win, allowing you to participate in bidding and win lots even if you are unable to place bids while the auction is concluding.

 

Auction Preview / Pre-Sale Exhibition

Auction houses allow the bidders an opportunity to review all items that are being offered in person. We strongly encourage all bidders to participate in our previews if they are able to, and we will try our best to accommodate those bidders that are unable to attend our preview dates if applicable.

 

Provenance

The traceable and provable history of property. Ideally this information will trace back to the inception of the property, though lack of records or improper cataloguing means many provenances are difficult to exhaustively list.

 

Reserve

A price wherein the Consignor does not agree to the sale of their property below. A reserve is normally set by the Consignor, and agreed upon and adhered to by the auction house. Typically reserves are not communicated to any potential bidders, though lots are commonly noted to have a reserve (even if the amount is not public). While Artefact Auction commits to not placing any items under a private or hidden reserve, we may set our starting bid to reflect the minimum price that a Consignor is willing to sell their property at.

 

Seller’s Commission

The amount that is paid to an auction house by the Consignor, for the service of providing a space for the sale of their property. This Commission will vary depending on the auction house, and potentially even by category or particular agreement. To see a breakdown of Artefact Auction’s commissions, please see our Consignment Agreement. 

 

Starting Bid

This is the first acceptable bid for any particular lot. Bids are accepted either at the starting bid price, or at a higher value through a maximum bid. Bids are not accepted below this price, whether online, through Absentee Bids, or over the phone.

 

Unsold

Any lot that did not receive a bid during the auction is unsold. These items are typically released back to the Consignor after the conclusion of an auction.

 

Valuation

A valuation is a formal appraisal of property and can be purchased from Artefact Auction. While much of the description and work is similar to an appraisal, Valuations are typically written for the purposes of charitable contribution, collateral loans, estate taxes, and estate planning.