Consignment

Items entrusted to an auction house for sale.

Related Terms

Auction Estimate

The auction house’s expected selling price range for a lot.

Reserve Price

The confidential minimum price a seller is willing to accept.

Hammer Price

The winning bid amount before fees and taxes are added.

Buyer’s Premium

An additional fee charged by the auction house to the buyer.

Lot

An item or group of items offered together in an auction.

Absentee Bid

A bid placed before the auction by someone unable to attend live.

Explore related glossary terms