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GLOSSARY | Common auction terms
You are in the auctions world, where you can acquire Antiques, Modern and Contemporary Art, Jewelries, Books and documents.
Seller
A person who entrusts possessions to Luis C. Morton to be sold under auction rules.
Buyer
A person who acquires an object through sale through an auctioneer at the stroke of his gavel.
Auctioneer
The person who represents the auction house and conducts the auction.
Lot
Any object received by Luis C. Morton with the purpose of being sold at an auction. A lot can be one or more than one piece. Every lot will be assigned a number for an auction.
Estimated selling price
Estimated price range established by the auction house. In many cases an object can be sold above or below an estimated selling price.
Opening price
At this price the auctioneer begins soliciting bids. It is generally below the low estimated selling price so that progressive bidding will push up the price.
Gavel price
Final selling price, at the fall of the gavel.
Reserve
The minimum price accepted by the seller.
Non reserved lot
Final sale is imminent, even though below the anticipated selling price, so as to assure sale.
Reserved lot
The object to be auctioned is assigned a minimum sale price to which the seller agrees.
Oferta o postura
Es la cantidad que ofrece el posible comprador por el lote que desea adquirir en subasta.
Bid
Amount offered by a possible buyer.
Premium
Commission charged by the auction house, based on gavel price.
