Reserve - Sometimes known as an "Upset Price". Usually set by the Seller after taking advice from the auctioneers, a Reserve is the figure below which an item will not be sold and remains confidential between the Seller and the Auctioneers
Pre-auction estimates - Are prepared by Auctioneers for the benefit of prospective Buyers but are very much a matter of opinion. Although available during viewing and printed in each catalogue their accuracy cannot be guaranteed, Buyers should make their own assessments of worth.
Hammer Price - The value at which the Auctioneer concludes the transaction.
Thursday 9 February Lot 9
