Terminology

Please see our Terms & Conditions of Sale

  • Reserve - 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.
  • Buyers Premium - 17.5% of the hammer price + VAT on the premium only, which is added to the final "Hammer Price"
  • Artists' Resale Right - a levy which can sometimes be changeable in addition to other costs. See Clause 24 Terms & Conditions of Sale
  • Variable Increments - Dependant on the value of the item being auctioned, the Auctioneer will advance the bidding as follows:-
    • Upto £100 in £5 increments
    • between £100 & £200 in £10 increments
    • between £200 & £500 in £20 increments
    • between £500 & £1000 in £20 & £30 increments
    • between £1000 & £2000 in £50 increments
    • between £2000 & £3000 in £100 increments
    • between £3000 & £5000 in £200 & £300 increments
    • between £5000 & £10000 in £500 increments
    • and thereafter, at the Auctioneer’s discretion