Auction glossary

Auction glossary

From gavels to paddles, an A–Z of auction-world terminology

A-B

Absentee bid 
A method of bidding for those unable to attend an auction in person. The auctioneer bids at the lowest possible price on your behalf, taking into account the reserve price, up to your maximum bid. Absentee bids are also referred to as ‘written’, ‘commission’ or ‘order’ bids.

Appraisal 
A formal evaluation of the fair market and/or insurance value of a given item. Fair market value represents what Christie’s believes an item would bring at auction. Insurance value reflects what we believe it would cost to replace an item.

Artist’s Resale Right
A local law which entitles the artist or the artist’s estate to a royalty, applicable in some countries including those in the EU. Also referred to as ‘Droit de Suite’.

Droit de Suite is a royalty payable to a qualifying artist or the artist's heirs each time a work is resold during the artist's lifetime and for a period up to 70 years following the artist's death. Royalties are calculated using a sliding scale of percentages of the sale price.

The rates, qualifying criteria and the person responsible for paying the royalty may vary from country to country. Clients should carefully check for further information in the Conditions of Sale at the back of the auction catalogue, the terms of any online auction, any private sale agreement and, for France, the auction seller’s agreement.

Auction
A public sale in which items are sold to the highest bidder. An auction is also commonly referred to as a ‘sale’.

Bid 
The binding offer to buy an item at a specific price.

Bidder 
An individual or entity attempting to purchase an item at auction.

Bid increment
The set amount by which bidding increases during an auction. Bidding generally opens below the low estimate and advances in increments of 10%, subject to the auctioneer’s discretion.

Bought-in
A term used to describe a lot that didn’t meet the reserve price during an auction, thus leaving it unsold.

Buyer
The highest bidder acknowledged by the auctioneer at the end of auction. 

Buyer’s Premium 
The percentage on top of the hammer price that the buyer pays to Christie's. The buyer’s premium is calculated per lot. Information about our buyer’s premiums can be found here. 

C-F

Christie’s LIVE™ 
Christie’s online bidding platform for live auctions. 

Condition report 
A written description of a lot’s condition prepared by the specialist department. Information for condition reports is provided in accordance with Conditions of Sale and Limited Warranty.  

Conditions of Sale 
The terms that dictate the buying and selling of items at Christie's. This information is accessible on the auction page and printed at the back of every catalogue.

Consignor 
The individual or entity on whose behalf Christie's is auctioning an item. Also referred to as the ‘seller’ or ‘vendor’.

Estimate 
A monetary range that reflects the expectation of our specialists of price at auction, excluding premium and taxes. Estimates are based on the item’s condition, rarity, quality, provenance and also recent auction prices of comparable items. Prepared well in advance of the auction, estimates are subject to revision. 

Fair warning
A term used by the auctioneer to give pause before the hammer falls, signalling that it’s your very last chance to place a bid.

G-M

Gavel
A small hammer used by an auctioneer to knock the rostrum when a lot has sold.

Guarantee
An agreement whereby Christie’s guarantees the seller that whatever the outcome of the auction, the seller will receive a minimum sale price for the work.

Hammer price 
The final bid price, whether an item is sold or unsold, announced by the auctioneer when the gavel falls, not including the buyer's premium. 

Lot 
An object or group of objects offered for auction as one unit.  

Lot symbols
Symbols used online on the lot page and in catalogues to denote important information about a lot, such as a guarantee, Artist’s Resale Right or CITES restrictions.

Marquee week
A series of auctions taking place over a set number of days at a Christie’s location, usually grouped by a particular theme or category.

Max bid
The highest bid you are willing to place on an item in an online auction. If you set a max bid, Christie’s will automatically bid on your behalf in increments until that bid is exceeded.

N-Q

NFT
A unique, digital certificate that is stored on a blockchain and provides certain ownership rights in an asset, typically a digital one, such as a digital work of art.

Paddle   
A numbered card assigned to each 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. 

Pass
A term used by the auctioneer to indicate that a lot hasn’t met its reserve price, and thus is left unsold.

Price realised 
The sold or purchase price, including the hammer price plus the buyer's premium. Buyers also pay any sales, use or value-added taxes (VAT) due. 

Private Sale 
A sale — brokered by Christie’s — of an item that does not go into auction.

Provenance 
Information concerning a lot's current or prior ownership that may affect value. 

Quick bid
A bid in an online auction which immediately places the next sequential bid on a lot.

R-Z

Registration 
The process of providing information, including identification, name and billing address, in order to bid in an auction. 

Reserve 
The minimum price the consignor is willing to accept for a lot to be sold. This amount is confidential and will not be higher than the low estimate. Unless otherwise indicated, all items sold at Christie's are subject to a reserve. 

Rostrum
A raised platform which an auctioneer stands on to preside over an auction.

Seller’s Agreement
A contract with a consignor to sell an item. The consignment agreement includes Christie’s terms and fees for services, such as shipping.  

Seller’s Commission
A fixed percentage based on the eventual hammer price of an item at auction that the seller pays to Christie’s. This rate includes marketing costs and insurance cover (except for Wine sales, where marketing and insurance are charged separately). If your item sells for over the high estimate we agree with you, there will also be an additional 2% Performance Commission fee.

Selling exhibition
An exhibition of works available for immediate purchase via Christie’s Private Sales. Selling exhibitions are usually open to the public with free entry.

Starting bid
The opening amount at which bidding begins for a lot. Please note that the starting bid is not necessarily equal to or more than the reserve price.

Telephone bid 
A bid placed by a client via telephone with a Christie’s saleroom staff member, who relays the bids to the auctioneer during bidding on a particular lot. 

Viewing 
Scheduled exhibitions or previews of items held in advance of an auction. Pre-auction viewings are free and open to the public.

FAQs

Find answers to some of our most commonly asked questions.

BROWSE FAQS
Frequently asked questions