A method of bidding for those who cannot or do not wish to attend an auction. Absentee bids are also called “written,” “commission” or “order” bids and may be placed by filling out and submitting an Absentee Bid Form, or online.

Appraisal A formal evaluation of the fair market and/or insurance value of a given property. Fair market value represents what Sotheby’s believes an item would bring at auction. Insurance value reflects what we believe it would cost to replace an item. Our Valuations department conducts appraisals by comparing your piece with similar, recently sold [..]

Artist Resale Right (or Droit de Suite) According to the European Union’s Artist’s Resale Right Directive, which has been adopted by the United Kingdom, living artists and artists who died within 70 years prior to the date of the sale are entitled to receive a resale royalty each time their art work is sold by an art market professional in the Euro [..]

As Is Sotheby’s offers all property for sale at auction “as is,” meaning that the property is sold with all existing faults and imperfections. We encourage potential buyers to inspect each item carefully before bidding.

Auctioneer A trained professional who presides over the auction, initiating the sale of a lot by describing the item and starting the bidding. Once the first bid is made, others may offer higher bids. Bidders may be present in the saleroom, on the phone or online. Auctioneers also place bids on behalf of absentee bidders and finally determine when [..]

Bid The amount a prospective buyer signals the auctioneer he/she would pay to buy the lot during bidding.

Bid Increment The amount by which the auctioneer increases the bidding. In general, the auctioneer will request bids of about 10% higher than the previous bid. For instance, if the bidding opens at $5000, subsequent bids of $5500, $6000, $6500, etc. would follow. The figure is generally rounded up or down at the auctioneer's discretion.

Bought-In If there are no bids on a lot, or if bidding does not reach the reserve price, the lot is “bought in,” meaning it is left unsold and remains the property of the owner.

The amount above the hammer price that is paid as part of the total purchase price. See Sotheby's Buyer's Premium rates here.

Factual information about a lot offered for sale, such as the name of the artist or maker, a detailed description of the object, the year of its creation, its provenance (history of its ownership), major exhibitions in which it has appeared and publications in which it has been documented. This information is published in the auction catalogue, in [..]