Hammer price
The final bid accepted by the auctioneer before fees, taxes, shipping, and other charges are added.
Auction glossary
Common auction terms for reading sale calendars.
A practical glossary for collectors using HammerAlert to plan upcoming auctions. Final terms always belong to the auction house catalogue and conditions of sale.
Written and maintained by Laurens Lokker, HammerAlert founder. Last updated: 15 June 2026.
Buyer's premium
The auction-house fee charged to the buyer on top of the hammer price. Rates vary by house, category, and price band.
Estimate
The auction house's published price range for a lot. Estimates are guidance, not guarantees.
Reserve
The confidential minimum price at which a consignor has agreed to sell. A lot may remain unsold if bidding does not meet it.
Absentee bid
A bid left with the auction house before the sale, executed up to the bidder's maximum if needed.
Online timed auction
A sale that closes online over a fixed window rather than through a live auctioneer in a room.
Viewing
The public preview period when lots can be inspected before the auction.
Provenance
The documented ownership history of a lot, often important for art, jewellery, books, and collectible categories.
Condition report
A house-provided note on condition. It is useful but does not replace independent inspection for high-value lots.
Lot
A single item or group of items offered as one bidding unit in an auction.