Every person who attends and bids at an art auction or any other type of auction should be aware of some of the terminology that is specific to auctions. It isnt hard to learn, but they are words to be savvy about too.
Appraisal - This is the confirmed worth of a piece of art and has been professionally arrived at.
Commission - This is the fee that the auction house will charge the buy on top of the selling price. These prices vary widely, and you should always know before bidding what the percentage is as it can add hugely to your purchase price.
Dummy Bid - Its a bid made by a dummy bidder who is acting in collusion with either the auctioneer or the seller, and it is designed to trick legitimate bidders into paying more.
Lot - A lot is formed when more than one item will be sold together all as a part of one bidding process. If you want one thing in the group, youll have to buy the whole lot to get it.
Proxy Bid - Thats a bid made by someone who isnt there. It is either done ahead of time when they
leave the maximum amount theyll pay for the piece and see what happens. It can also be in the form of someone bidding for them as now happens with telephone bidding.
No Reserve - These are pieces where there is no allocated price by the seller or a price has not been set that is a minimum. You will usually see these as ways to get an auction moving by presenting a great piece of art with no reserve or for lesser pieces which are expected to bring smaller prices.
Increment - This is the amount of money between bids. For instance, if bidding starts at $100, the bidding increments after than can be in the form of $10, $25, or any other set number.
Knowing terms before you go is worth researching because you dont want to get caught buying or bidding on something where you dont understand the language of art auctions.
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