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  • “As is”: The condition in which the item for sale piece currently stands.
  • Buyer’s Premium:  A percentage of the high bid added to the bid price to determine total amount paid for a particular item.
  • Condition Report: An expert’s detailed report of a pieces condition and provenance. Categories will range from poor to very good.
  • Consignment: Property sent to an agent of sale.
  • Consignor: The person, company or estate that sends their property to an agent of sale.
  • Estimate: An expert’s valuation of possible selling price at auction, given low to high. The final price may be higher or lower than this band depending on demand.
  • Fair Market Value: The sale price an item will bring determined through a competitive bidding process with a willing buyer and willing seller.
  • Fair Warning: A warning that an auctioneer may use to offer one last chance to increase the bid before the hammer falls.
  • Hammer Price: The price at which an item is sold at auction and announced by the auctioneer when he lowers the gavel.
  • Opening Bid – The first bid offered on an item by a bidder at an auction.
  • Provenance: A place or source of origin that describes an object’s history.
  • Reserve:  The minimum price a seller is willing to accept for a property to be sold.
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