Terminology

Terminology is part of our Conditions of Sale.

Lot

A lot is an item (or a group of items) offered for sale. Each lot is assigned a unique lot number.

Estimate

An estimate is a guide price for buyers based upon prices recently paid at auction for comparable items. Other factors in determining the estimate may include the prospective buyers at a particular auction, along with the art market as a whole. Estimates are subject to revision. Buyers should not rely upon estimates as a representation or prediction of actual selling prices. Estimates tend to be far below insurance, collectors’ and trade value in galleries or other venues. Estimates do not include the buyer’s premium or VAT.

Minimum (bid)

A minimum bid (also known as a ‘start bid’ or ‘reserve’) is the minimum price the seller (consignor) is willing to accept and below which the seller’s property will not be sold.

Current (bid)

A bid made by a prospective buyer during an auction.

Hammer price

The hammer price (also referred to as the ‘winning bid’) is the price at which a lot is sold at auction.

Buyer’s premium

Every buyer must pay an additional fee upon purchase of a lot. Our premium is fixed at 10% of the hammer price and is subject to VAT.

Incremental bid

Each lot has a fixed bid increment. This is the value at which bids are required to be and bidding moves up in steps of this value. A bid that does not adhere to this system will not be accepted.

Scheme of increments (in EUR)

Current price Bid increment
0 - 99 5
100 - 249 10
250 - 499 25
500 - 999 50
1,000 - 2,499 100
2,500 - 9,999 200
10,000 - 24,999 500
25,000 - 99,999 1,000
100,000 and above 5,000

 

Maximum (or automatic) bid

When you place a maximum bid, you will be asked to enter the maximum amount you are willing to pay for a lot. No one else will see this amount. When another prospective buyer outbids you, our software generates a bid on your behalf at the amount of the next incremental bid. In order to maintain you as the highest bidder, this will be continued until the bidding reaches your maximum amount. This means you could win the lot for less than your maximum bid amount. Automatic bidding can be convenient if you are not able to monitor the auction live or if you are watching multiple lots at the same time.

Buying formats

www.photography-auction.com offers three variants of bidding and buying. On the homepage, directly after the auction number and above the auction title, you can see in which format the current auction is.

Standard auction
In a standard auction you bid up from the starting price (minimum bid) along with other prospective buyers to get the best deal. You can either place the next given incremental bid or your maximum bid. You can watch the lot to see how the bidding is progressing. When the auction ends, the highest bidder wins the lot and completes the purchase.

Extra Time Bid© auction
In an Extra Time Bid© auction you bid up from the starting price (minimum bid) along with other prospective buyers. You can either place the next given incremental bid or your maximum bid. You can watch the lot to see how the bidding is progressing. When the auction ends, the highest under bidder has 90 seconds to outbid the highest bidder. When the highest under bidder has used this opportunity, the highest bidder has the right to outbid that offer by 1 euro to win the lot and complete the purchase. Only the highest bidder and the highest under bidder are qualified for this Extra Time Bid© and will receive notifications.

Buy Now
In the Buy Now section lots can be bought immediately and at a fixed price. Please note that Buy Now lots are available to other prospective buyers if your payment is not received.

Auctions at www.photography-auction.com are held exclusively online. Because of this it is not possible to place saleroom bids, absentee bids or telephone bids.