Glossary of terms used at an auction

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.

Droit de Suite is a royalty payable to a qualifying artist or the artist's heirs each time a work is resold during the artist's lifetime and up to a period of 70 years after the artist's death.

Royalties are calculated on a sliding percentage scale based on the hammer price excluding the buyer's premium. The royalty does not apply to lots selling below £1,000 and the maximum royalty payable on any single lot is £12,500.

Droit de Suite, which is not subject to VAT, will be added to the buyer's purchase price and then passed on to the relevant collecting agency.

Royalties for Droit de Suite are as follows:

4% Up to £50,000
3% £50,000.01 - 200,000
1% £200,000.01 - 350,000
0.5% £350,000.01 - 500,000
0.25% In excess of £500,000
Up to a maximum levy of £12,500

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.

A percentage charge of the final hammer price added to the lot value.

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.

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.

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.

A guide price for buyers based on a specialist’s view of what the object is worth at auction.

The successful bid price of a lot as announced by the auctioneer, excluding Buyer’s Premium.

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.

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.

Bidding by a buyer over the telephone through a member of staff in the saleroom.

A percentage fee charged by the saleroom to sell the items.

Certain lots are sold plus VAT (Value Added Tax - charged at the current rate) and these are marked with an *.