Glossary of terms used at an auction
Appraisal – A valuation by a specialist of the worth of the item. An appraisal may be conducted for a variety of purposes, including auction, insurance and probate. The stated values may differ depending on the purpose of the appraisal.
ARR - Artist's Resale Right/Droit De Suite – Living artists and the descendants of artists deceased within the
last 70 years are entitled to receive a resale royalty each time
their work is bought.
Please note ARR is calculated in euros.
Auctioneers will apply current exchange rates.
Applies to lots with hammer value over €1,000 as follows:
0 to €50,000 - 4%, €50,000.01 to €200,000 - 3%
€200,000.01 to €350,000 - 1%, €350,000.01 to €500,000 - 0.5%
Exceeding €500,000 - 0.25%
ARR is capped at €12,500
Buyers number/paddle – Number used by the buyer to purchase lots. The same one can be used throughout the saleroom complex but a new number is used for each sale day. You need to register in the foyer to get your number before bidding.
Buyer's premium – a percentage charge of the final hammer price added to the lot value.
Commission bid, Absentee bid or Silent bid – a bid left with the auctioneer who bids on your behalf. This gives us written permission to act as your representative to try and secure the Lot(s) at the lowest possible price, subject to any reserve and interest from other bidders.
Commission Bid Form – Used by prospective bidders to leave commission bids. The printed bid form must be signed by the prospective buyer in order for the form to be accepted and executed. Click here to log in your account to leave a bid, alternatively please call our offices.
Condition Report – Prepared by the specialist after examination of the object in question. The report covers such things as repairs, damage, and overall state of the object. The condition report is a guide for prospective purchasers and is not a guarantee.
Estimate – A guide price for buyers based on a specialist’s view of what the object is worth at auction.
Hammer Price – The successful bid price of a lot as announced by the auctioneer, excluding Buyer’s Premium.
Web display/ loss & indemnity waiver – A small percentage charge to cover the cost of insuring the goods while in Taylor’s Auction Rooms care & to display the items on numerous antique websites.
Lot Number – A separate number assigned to each item in a sale. Lot numbers identify objects in the catalogue. When on exhibition, an object is tagged with its lot number and sale number.
Phone Bid/Telephone Bid – Bidding by a buyer over the telephone through a member of staff in the saleroom.
Sellers commission – a percentage fee charged by the saleroom to sell the items.
VAT – Certain lots are sold plus Vat (at the current rate) and these are marked with an *.