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Absentee Bid
A method of bidding for those who cannot or do not wish to attend an auction. Absentee bids are also called “written,” “commission” or “order” bids and may be placed by filling out and submitting an Absentee Bid Form, or online.

Appraisal
A formal evaluation of the fair market and/or insurance value of a given property. Fair market value represents what Majestic Auction House believes an item would bring at auction. Insurance value reflects what we believe it would cost to replace an item. Our Valuations department conducts appraisals by comparing your piece with similar, recently sold works, but no appraisal is definitive. You do not need a formal written appraisal in order to obtain a presale auction estimate.

As Is
Majestic Auction House offers all property for sale at auction “as is,” meaning that the property is sold with all existing faults and imperfections. We encourage potential buyers to inspect each item carefully before bidding.

Auctioneer
A trained professional who presides over the auction, initiating the sale of a lot by describing the item and starting the bidding. Once the first bid is made, others may offer higher bids. Bidders may be present in the saleroom, on the phone or online. Auctioneers also place bids on behalf of absentee bidders and finally determine when the highest bid has been made. If a work sells, the auctioneer announces, “sold.” If the item does not meet its reserve or there are no bidders, the auctioneer signifies this with a “pass.”

Bid
The amount a prospective buyer signals the auctioneer he/she would pay to buy the lot during bidding.

Bid Increment
The amount by which the auctioneer increases the bidding. In general, the auctioneer will request bids of about 10% higher than the previous bid. For instance, if the bidding opens at $5000, subsequent bids of $5500, $6000, $6500, etc. would follow. The figure is generally rounded up or down at the auctioneer’s discretion.

Bought-In
If there are no bids on a lot, or if bidding does not reach the reserve price, the lot is “bought in,” meaning it is left unsold and remains the property of the owner.

Buyer’s Premium
The amount above the hammer price that is paid as part of the total purchase price.

Cataloging
Factual information about a lot offered for sale, such as the name of the artist or maker, a detailed description of the object, the year of its creation, its provenance (history of its ownership), major exhibitions in which it has appeared and publications in which it has been documented. This information is published in the auction catalogue, in both the print and online editions.

Condition Report
A written description of the condition of a work, prepared by Majestic Auction House specialists prior to an auction.

Conditions of Business
This important text describes the terms under which Majestic Auction House and the consignor agree to sell a lot to the purchaser. It is important to read the conditions carefully before bidding.

Consignor
The owner who is transferring property to Majestic Auction House to act as agent on his or her behalf for sale.

Designation
The consignor of a lot is sometimes identified through a designation line, which appears at the beginning of a catalogue entry. The designation, which appears at the discretion of the consignor, may identify the current owner by name or through a descriptive title, such as “Property of a
Private Collector.”

Estimate
Each lot is given a low and high estimate, representing the opinion of Majestic Auction House appraisers about the range in which the lot might sell at auction. Estimates are based on the examination of an item and recent auction records of comparable pieces. Published in our online and printed catalogue, an estimate provides prospective buyers with an important preliminary guide to value and is generally the basis for establishing the reserve price.

Expert
Another term for a Majestic Auction House appraiser who is an expert in specific fields of collecting and belongs to a department.

Fair Market Value
A term frequently used by appraisers referring to their judgment and opinion about an object’s likely sale price if offered by a willing seller to a willing buyer. Since the auction process is open to all bidders, a sale at auction is considered to be a measure of Fair Market Value.

Fair Warning
A warning sometimes given by the auctioneer that the hammer is about to come down on a lot. The fair warning offers one last chance to increase the bidding. If there are no subsequent bids, the auctioneer’s hammer falls and the sale is completed.

Guarantee
In rare cases, Majestic Auction House will guarantee to pay a consignor for a lot, regardless of whether the bidding at auction reaches the reserve price. The guarantee may be provided by Majestic Auction House, by a third party or jointly by Majestic Auction House and a third party. Third parties providing all or part of a guarantee benefit financially if a guaranteed lot is sold successfully and may incur a loss if the sale is not successful.

Guarantee Line
Set in bold type in the auction catalogue, the Guarantee Line indicates key information such as the authenticity of a work, the name of the artist or maker and the origin of the object.

Hammer Price
The winning bid for a lot at auction. It is the price upon which the auctioneer’s hammer falls, determining the sale price, but does not include the buyer’s premium.

Knocked Down
An auction house term for the hammer coming down and ending the bidding, as in, “The lot was knocked down at $1 million.”

Lot
An individual object or group of objects offered for sale at auction as a single unit.

Lot Symbols

A small symbol found in the catalogue such as a triangle, square, or circle, listed next to the estimates.  The symbol may indicate a note such as a guarantee or lack of reserve.

Pass/Unsold
Terms used by the auctioneer when an item fails to reach its reserve at auction.

Photography
Every work that goes to auction is professionally photographed by Majestic Auction House for documentary and promotional purposes. Photographs appear in our online and print catalogues, and are an important way for buyers to identify lots that they wish to acquire.

Provenance
An important part of the authentication process, provenance establishes the chain of ownership back (if possible) to the date an item was created. Provenance can significantly impact the value of an object.

Reserve or Reserve Price
Never formally disclosed, the reserve price is the confidential minimum price agreed upon between the consignor and Majestic Auction House. Reserves must be set at or below the low estimate, and if bidding ends before the reserve is reached, the property will not be sold.

Results
Immediately following every auction, results are posted online in the currency of the auction location. Customarily, results include the hammer price plus the buyer’s premium.

Sale Number
Every auction at Majestic Auction House is given a unique number to distinguish it from previous and subsequent sales of similar properties. The initial letter of the sale number stands for the auction location: “L” stands for London, “N” stands for New York, etc. The sale number appears in every e-catalogue and on the cover of print catalogues, among other places.

Seller’s Commission
A commission paid by the consignor to Majestic Auction House, which is deducted from the hammer price.

Specialist
An expert in a specific field of collecting who belongs to a department. Majestic Auction House specialists are often scholars with distinguished careers; many of them publish extensively in their field, lecture widely, teach or curate international exhibitions.

Telephone Bidding
Many buyers prefer to bid via phone, using a Majestic Auction House representative who is present at the auction to relay bids to the auctioneer on their behalf.

Valuation
A detailed description and current value of property prepared by Majestic Auction House staff. Valuations, which differ from auction estimates, are used for a variety of needs, including charitable contribution, collateral loans, estate taxes, estate planning and insurance.