What is the hammer price?

The hammer price of a lot is its winning bid at auction. The name reflects that an auctioneer brings down a gavel (or hammer) to signal that a lot has been sold.

The hammer price does not include any additional costs, such as buyer’s premium, taxes or shipping — which may also be payable by the buyer as part of the sale.

Hammer price vs total purchase cost

A lot’s hammer price is not necessarily the total amount a buyer pays. Below are the figures included in the hammer price, and the potential costs beyond this:

Included in the hammer price:

• The winning bid amount

Not included in the hammer price:

• Buyer’s premium — a percentage fee paid by the buyer to the auction house, on top of the winning bid
• Additional fees — these may include any applicable taxes, artist's resale rights or shipping-related expenses

At Christie’s, the buyer’s premium is outlined in the Conditions of Sale. You can also use the cost calculator on the lot page for a quick estimate before you bid.

For more auction terms, visit our full auction glossary.