A

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 works, but no appraisal is definitive. You do not need a formal written appraisal in order to obtain a presale auction estimate.

As Is

Blackthorne Auction House 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.

---

B

Bid

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

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.

---

C

Cataloguing

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, generally in online editions.

Consignor

The owner who is transferring property to Sotheby’s to act as agent on his or her behalf for sale.

---

D

Designation

The consignor of a lot is sometimes identified through a designation line, which appears at the beginning of a catalogue entry. The designation, which appears at the discretion of the consignor, may identify the current owner by name or through a descriptive title, such as “Property of a Distinguished European Collector.”

---

F

Fair Market Value

A term frequently used by appraisers referring to their judgment and opinion about an object’s likely sale price if offered by a willing seller to a willing buyer. Since the auction process is open to all bidders, a sale at auction is considered to be a measure of Fair Market Value.

Fair Warning

A warning sometimes given by the auctioneer that the hammer is about to come down on a lot. The fair warning offers one last chance to increase the bidding. If there are no subsequent bids, the auctioneer’s hammer falls and the sale is completed.

---

L

Lot

An individual object or group of objects offered for sale at auction as a single unit.

---

P

Provenance

An important part of the authentication process, provenance establishes the chain of ownership back (if possible) to the date an item was created. Provenance can significantly impact the value of an object.

---

R

Reserve or Reserve Price

Never formally disclosed, the reserve price is the confidential minimum price agreed upon between the consignor and Sotheby’s. Reserves must be set at or below the low estimate, and if bidding ends before the reserve is reached, the property will not be sold.

---

S

Seller’s Commission

A commission paid by the consignor to Sotheby’s, which is deducted from the hammer price.

---