You are here

Auction Glossary

Absentee Bid (also known as Commission Bid) - A bid placed by a potential buyer who cannot attend the sale.

Absentee Bid Form - Used by prospective bidders to leave absentee bids. The printed bid form must be signed by the prospective buyer in order for the form to be accepted and executed. Find our printable Absentee Bid Form here: 

Addendum Sheet – Prepared after the sale catalogue has printed, listing late additions to the sale, withdrawn items and correcting errors contained in the catalogue. The addendum is always clearly displayed on the saleroom premises.

Appraisal – A valuation by a specialist of the worth of the item. An appraisal may be conducted for a variety of purposes, including auction, insurance and probate. The stated values may differ depending on the purpose of the appraisal.

Buyer’s Premium – A percentage of the lot hammer price payable by all buyers in addition to the hammer price. Consult the Terms & Conditions section of the website for complete details.

Bidder Registration Number – The number assigned to a client in order to bid in person at a sale. A client receives a new bidding number for each auction. To receive a bidding number a client must register for the auction.

Client Number – A unique reference number given to each client. This number should be quoted in all correspondence with Gorringe’s.

Condition Report – Prepared by the specialist after examination of the object in question. The report covers such things as repairs, damage, and overall state of the object. The condition report is a guide for prospective purchasers and is not a guarantee.

Consignment Receipt (Contract) – Used to record information about the consignor and the objects consigned for sale. The completed contract is between the consignor and Gorringe’s and is legally binding. It must be signed by the consignor. This contract lists all fees and charges associated with consigning inventory to Gorringe’s. No property can be consigned without the completed signed contract.

Estimate – A guide price for buyers based on a specialist’s view of what the object is worth at auction.

Gavel – The hammer used by the auctioneer when selling on the rostrum.

Hammer Price – The successful bid price of a lot as announced by the auctioneer, excluding Buyer’s Premium.

Insurance Charge – A small percentage charge to cover the cost of insuring the goods while in Gorringe’s care. A consignor who chooses to insure the property himself/herself and provides a certificate of insurance will not be charged this fee.

Lot Number – A separate number assigned to each item in a sale. Lot numbers identify objects in the catalogue. When on exhibition, an object is tagged with its lot number and sale number.

Paddle – Individually numbered card, which is issued to each buyer who registers to bid in the sale. New paddle numbers are given for each sale.

Phone Bid/Telephone Bid – Bidding by a buyer over the telephone through a member of staff in the salesroom. Phone Bidding can only be undertaken by trained staff members and only for lots estimated at £300 or more.

Prices Realised – A report of the sales results, lot by lot.

Rostrum – Where the Auctioneer stands during the sale.

Sale Number – The identification number specific to each sale.

Specialist – An expert in a particular field.

Terms and Conditions of Sale – The guidelines under which the sale is conducted. Full Terms & Conditions are posted on the website.

Vendor – The owner of the item being sold. The consignor can be a private individual, dealer, fiduciary or company.

Vendor Commission – Gorringe’s charge to the consignor to sell the property. This commission is calculated on each lot sold in the consignment.

Withdrawn Lot – An item which has been catalogued for sale, but which is subsequently taken back by the consignor or removed from the sale at the direction of the specialist.