Auction guides
The questions people ask before their first bid
How a sale actually runs, what the final bill includes, how to read a hallmark, and what a seller should prepare. No jargon, no sales pitch.
7 min read
How online auction bidding works
From registering for a sale to collecting what you won: the whole sequence, including absentee bids, increments and what happens in the last two minutes.
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6 min read
What is a buyer's premium?
The fee added to the hammer price, why it exists, how the VAT works, and how to work out what a lot will actually cost you before you bid.
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8 min read
How to value gold jewellery
Hallmarks, carats, weight, stones and maker: what actually decides whether a piece is worth scrap, resale or an auction estimate.
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7 min read
Selling at auction: a house's checklist
Estimates, reserves, photography, timing and the costs a seller actually pays — written for an auction house putting a sale together.
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The words you will see on a lot page
Auction listings have a vocabulary of their own. These are the terms that decide what you pay and what you get, in plain English.
- Hammer price
- The figure the auctioneer knocks the lot down at, before any buyer's premium or VAT. It is the number the lot sold for, not the number you pay.
- Buyer's premium
- The auction house's charge on a winning bid, calculated as a percentage of the hammer price and added to it. It is shown on every lot page before you bid.
- Reserve
- The lowest price the seller will accept. If bidding does not reach it the lot is unsold, even if there were bids. A reserve is never set above the low estimate.
- Estimate
- The auctioneer's guide to what a lot should make, given as a low and high figure. It is an opinion, not a promise, and lots regularly sell above or below it.
- Absentee bid
- A maximum you leave before a sale starts. The auctioneer bids on your behalf, only as far as needed to beat other bids, up to your figure — so you can pay less than your maximum.
- Timed sale
- A sale that stays open for days and closes lot by lot, rather than running to a live clock. You can bid at any hour until a lot closes, and a late bid can extend it.
- Condition report
- A written description of a lot's actual state — wear, repairs, missing parts — beyond what the photograph shows. You can ask the house for one before you bid.
- Provenance
- The recorded history of a lot: who owned it and where it came from. Provenance can add value, and the lot page says what is known and what is not.
Still unsure?
Ask the auction house before you bid. A condition report, a measurement or a question about collection costs is normal and welcome; discovering the answer after the hammer falls is not.