Glossary of Terms

Hammer Price
The high bid for which an item sells and the price from which commissions are calculated.

Reserve
A confidential minimum price below which the Lot will not be sold. Reserves will never be higher than the low estimate.

Estimates
The published guide prices accompanying a Lot.

Commissions (Premiums)
The fees paid to Tarisio by the buyer and the seller for conducting the sale of the Lot.

Lot
An item that is offered for sale.

Unsold Lot
An item that did not sell because bidding did not meet the reserve.

Condition report
Information about the condition of a lot, available upon request for every item in Tarisio’s auctions.

Consignor
A seller.

High Bidder
The person with the highest bid at the close of bidding; so long as the bidding has met the reserve price, the high bidder is the buyer of the Lot.

Bidder ID
An anonymous user name used to place bids, similar to a paddle in a traditional auction.

For further information about auction terms see:

Catalog Practice

Condition Report Terminology

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