Jargon Buster

In this article you'll find some commonly used terms along with their definitions. 

AS IS/ AS FOUND/ AS SEEN/ ALL FAULTS / AF

This means the item is sold in its current condition, including defects and faults. We recommend inspecting the item thoroughly before bidding, as no refunds or returns will be accepted for faults.

BULK LOTS

These lots contain multiple items sold together. Always check the lot description to understand how many items are included, as your bid will apply to the entire lot and the price will be multiplied by the number of items.

BUYER’S PREMIUM

An additional percentage added to the final bid price, which covers the auction house’s fees. This fee is listed separately from the hammer price and usually includes VAT or sales tax, detailed on your invoice.

CONDITION

A description of the item’s state, provided in the lot details. This helps you understand the item's quality and any issues. If unclear, use the 'Ask a question' feature to get more information.

CURRENT BID

The highest bid placed so far for an item. To become the leading bidder, you need to place a higher bid than this amount.

EXTENSION

Sometimes you will see that an end time on a lot may be extended by 10 minutes. This is happening, as we are imitating a real auction, so whenever there is a new bid, the countdown is being extended before the final hammer.

LIVE AUCTION

An auction conducted in real time with live audio and video feeds. You can participate by watching and bidding online as if you were at the auction house in person.

FAIR WARNING (LIVE AUCTIONS ONLY)

A notice given by the auctioneer indicating that the item is close to being sold. This is a final opportunity for you to place a bid before the item is hammered down.

HAMMER PRICE

The final bid price at which the auctioneer “brings down the hammer.” This price is before adding any additional costs like the buyer’s premium, taxes, or delivery fees.

INCREMENT

The minimum amount by which a bid must be raised to advance in the bidding process. For example, if the current bid is £20 and the increment is £5, the next bid must be at least £25. Increments are set by the auctioneer.

LIVE BID (LIVE AUCTIONS ONLY)

A bid during the live auction. You can place online bids for live auctions once you’ve created an account with us and registered for a sale. Simply click ‘Join the auction now to PLACE YOUR BID’.

MAX BID

This is the maximum amount you would pay for a lot. You can tell us the maximum amount you want to pay, and then we bid on your behalf. You don’t even have to watch the auction online. We only bid as much as you need at a live auction.

PASSED (LIVE AUCTIONS ONLY)

Indicates that the item did not sell, usually because the reserve price wasn’t met.

RESERVE

The lowest hammer price a lot can be sold for. This protects the seller from the lot being sold below its value.

OPENING PRICE

The price bidding will start for the sale of the lot. You will need to bid on or above the opening price to take part.

TIMED AUCTION

Timed auctions have an auctioneer who sets the time that the lots end, and the size of the increments – there’s just a bidding window and whoever bids highest wins (as long as the reserve’s met). You’ll know it’s a timed auction as the end time will be displaced on the lot page.

TIMED BID

A bid placed during a timed auction. Bids can be placed at any time before the auction ends. The highest bid when the auction closes wins, assuming the reserve price is met.

TENDER AUCTION

An auction format where you submit your best bid without knowing others' bids or if you are winning. After the auction ends, you are contacted if your bid is successful.