Auction Terms

ABSENTEE BIDDER:  A person (or entity) who submits, in advance, a written or oral bid that is the top price he/she will pay for a given property but who does not attend the sale.

ADMINISTRATOR:  A person appointed by the court to administer the Estate of a deceased person. He resembles an Executor but differs in that he is not named by the deceased but rather by the court.

ADVERTISING:  Non-personal, paid communication directed toward the general public or, in some cases, specific prospective client groups. Usually used in the auction world to provide information about the time, place, contents, and arrangements of an auction.

AFFIDAVIT: A written or printed declaration or statement of facts made voluntarily and Confirmed by oath before an officer having authority to administer such oath.

AGENT:  A person who attends an auction and bids for someone else who is actually the purchaser.

ANTIQUES:  Products manufactured or handcrafted that are unchanged from their original state and date from a period at least 100 years prior to being offered for sale. They reflect aesthetic, artistic, or craftsman like qualities of the period of their creation. The value of such antiques is based on availability, intrinsic or market value, age, prominence of the creator, and physical condition. In practice, antiques often include any objects made before living memory or more recent objects of intrinsic value.

APPRAISAL:  An estimate, for a fee, of what real or personal property might bring if sold at auction or, if used for insurance purposes, what it would cost to replace. Can either be a verbal opinion or a written document, although only the latter is valid for legal purposes such as probate.

ARTIFACT:  Technically, the term should be used only for archaeological finds, such as Indian arrowheads, but often used to refer to any kind of antique.

AS IS:  The "caveat emptor"(let the buyer beware) phrase of the auction business. Most items sold at auction are sold "as is" in that the buyer is responsible for examining and judging the property for his/her own protection and the auctioneer does not offer warranties. "As is": Also known as "as is, where is" and "in its present condition." Typically, this is a sign that no return privileges will be granted.

AUCTION:  A method of selling property in a public forum through open and competitive bidding. Also referred to as: public auction, auction sale or sale.

AUCTION BLOCK:  The podium or raised platform where the auctioneer stands while conducting the auction.

AUCTIONEER:  The agent of the seller who, for a fee, conducts the auction, recognizing the bidders and acknowledging the highest bidder who becomes the buyer. In many states and communities, auctioneers must be licensed and bonded.  This person may or may not actually call or cry the auction.

AUCTIONEER SUBCONTRACTOR:  An auctioneer hired by the principal auctioneer to sell specific or special property that requires a level of expertise beyond his/her own.

AUCTION WITH RESERVE:  An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.

AUCTION WITHOUT RESERVE (ABSOLUTE AUCTION):  An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent. Also known as an auction without reserve.

BID:  A prospective buyer's indication or offer of a price he/she will pay to purchase property at auction. Bids are usually in standardized increments established by the auctioneer, such as $5, $10, $15.

BID CALLER:  The person who actually "calls," "cries or "auctions" the property at an auction, recognizing bidders and acknowledging the highest bidder. Commonly known as the auctioneer.

BID ASSISTANTS:
Individuals who are positioned throughout the attendees at the auction to assist the auctioneer, spot bidders and assist prospective bidders with information to help them in their buying decision. Also known as ringmen, bid consultants, bid spotters, or groundsmen.

BIDDER'S CHOICE/GROUPING:
A method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. After the high bidder’s selection, the property is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing a property, which is then deleted from the group and so on, until all properties are sold.

BIDDING LIMIT:  The top price the bidder sets in his/her own mind that he/she will be willing to pay for a given property.

BIDDING NUMBER:  The numbers sued to each person who registers at an auction. When that bidder buys an item, the auctioneer's staff notes the bidding number, the item purchased, and the price.

BIDDER’S CHOICE:  A method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. After the high bidder's selection, the property is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing a property, which is then deleted from the group and so on, until all properties are sold.

BIDDER PACKAGE:  The package of information and instructions pertaining to the property to be sold at an auction event obtained by prospective bidders at an auction. Sometimes called a bidder packet or due diligence package.

BIDDING PADDLE:  A paddle-shaped device with a number printed on it that is the same number assigned to the potential bidder when he/she registered for the auction. The participant bids by raising his/her paddle.

BID RIGGING:  The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value.

BID CANCELLATION:
The cancellation of a bid by an auctioneer. During online auctions, Auctioneers can cancel a bid if they feel uncomfortable about completing a transaction with a particular bidder.

BID HISTORY:
A historical list of all the bids made on a particular auction during or after the auction.

BID INCREMENTS:
The standardized amount an item increases in price after each new bid. The auction service sets the increment, which rises according to the present high bid value of an item.

BLACK LIGHT:  A type of fluorescent light used to detect repairs, if any, or additions to paintings, glass, or ceramics.

BOOKKEEPER OR CLERK:  The person who is responsible for the accounting and paperwork at an auction sale.

BOUGHT-IN:  See "reserve".

BOX LOT:  Usually the leftovers that hold little value and are collected in a box to be sold together.

BREACH OF CONTRACT:  The failure without legal excuse to perform any promise which forms the whole or pal-t of a contract.

BUYER'S PREMIUM:  A percentage (usually 10%, but varying) added to the purchase price ("hammer price").  Paid by the buyer for services of the auctioneer.

BUY-BACK:  An item that is withdrawn from the sale because it does not attract the reserve price established by the seller. See "reserve".

CASHIER :  The employee of the principal auctioneer or auction firm who, working from the auction clerk's records, collects all the proceeds from an auction, disperses the receipts, and submits a complete report of the auction to the seller.

CATALOG:  A printed listing of items being offered to prospective bidders at an auction.  The more elaborate the sale, usually, the more elaborate the catalog.  If an auction company makes a catalog available to you, be sure to get one.  It can help you to know the description of the items sold and also how it will be sold.  There may be a quantity of the commodity in each lot being sold and they may be for all one bid or so much apiece.  Auction staff will be happy to explain these differences to you and your catalog will help you follow along. This way you won't miss an item that is important to you.

CATALOG SALE:  A sale for which a printed or mimeographed list of items to be sold is prepared in advance.  At the sale, bids are taken on the numbered lots in the order in which they appear in the catalog.

CAVEAT EMPTOR (BUYER BEWARE):
A Latin term meaning "let the buyer beware." A legal maxim stating that the buyer takes the risk regarding quality or condition of the property purchased, unless protected by warranty.  Most live auctions are AS IS WHERE IS and all buyers are advised to preview prior to bidding.

Clerk:
The person employed by the principal auctioneer or auction firm to record what is sold and to whom and for what price.

CERTIFICATE:  A written assurance or official representation that some act has or has not been done, or some event has occurred or some legal formality has been complied with.

CHOICE :  The privilege extended to the successful bidder to select, for the price he/she bid, one or more of the identical or similar items from the group of' such items that has been presented at auction.

COMMISSION:  The fee charged to the seller by the auctioneer for providing his/her services; usually a percentage of the gross selling price of the property and established by the contract (the listing agreement) to the auction.

CONDITIONS OF SALE:  The legal terms that govern the conduct of the sale, including acceptable methods of payment, terms, buyer's premiums, delivery, storage, reserves, etc.  Usually included in published advertisements or announced by the auctioneer prior to the start of the auction.

CONSIGNEE:  In mercantile law, one to whom a consignment is made.  The person to whom goods are shipped for sale.

CONSIGNMENT:  Property turned over to an auctioneer by its owner or those representing the owner to be sold on a commission basis and usually under specific conditions.  Such property is often combined with property from other consignors at an auction house or gallery where it is sold. Consignment agreements are usually written.

CONSIGNOR:  The owner or representative of the owner who places property with an auctioneer for sale on a consignment basis.

COUNTERFEIT:  Property that is not what it appears or is represented to be; often a forgery or copy. Some owners and auctioneers, not knowing of the deception themselves, will make refunds when the counterfeit is proven - the one notable exception to the "as is" practice in the auction business.

COVENANT:  An agreement. convention, or promise of two or more parties, by deed in writing, signed, sealed, and delivered, by which either of the parties pledges himself/herself to the other that something if either done or shall be done, or stipulates to the truth of certain facts.

DEADBEATS:
High bidders who fail to pay for the item they won.

DEPOSIT:  'The sum of money paid by the bidder for the privilege of bidding or as a percentage of the purchase price, especially on large-dollar property.  Used to discourage casual or unqualified bidders.  Unused deposits are returned at the end of the auction.

DESK:  The term applied to auction employees as a group, especially clerks, who enter absentee and telephone bids.

ESTATE:  The interest which one has in lands, or in any subject of property. This interest can vary from absolute ownership down to naked possession.

ESTATE Auction:  The sale of property left by a person at his/her death. May be sold "on site," at an auction house or gallery, or at a location that allows proper display and bidder crowds.

ETHICAL:  Professionally right or befitting: conforming to professional standards of conduct.

ESTIMATE:  An opinion - not an appraisal - of what price a property will bring at auction, based on past sales of similar properties at recent auctions.

EXHIBITION:  The showing of property prior to its presentation at auction: arranged by the auctioneer and/or owner to allow prospective bidders to inspect and evaluate the property.

FAIR MARKET VALUE: Price at which a willing seller and a willing buyer will trade.

FAST KNOCK:  A technique used to stimulate excitement and/or reward cooperative bidders. The auctioneer asks for a low opening bid and suddenly "knocks it down" to the first bidder.  Also, the "deaf ear."

FINDER'S FEE:  An amount paid to a person who provides an auctioneer with information regarding consignable property or possible listings.

FLOOR:  The area where the auction is conducted.   Also used to indicate the reserve or bottom price that the seller will accept.

GALLERY:  The permanent place of business where the agent, or auctioneer, displays and sells property that is usually on consignment. Although previously used only to describe display areas for works of art, now often used interchangeable with "auction house."

GENERAL SALE:  An auction that includes various types of property - household, antiques, farm equipment, autos, etc.

GOODS:  Shall mean any goods, wares, chattels, merchandise or personal property, including domestic animals and farm products.   A general term to distinguish from real property.

GRADING:
The process for determining the physical condition of an item. Different items have different
grading systems.

HAMMER PRICE:  The price established by the last bidder and acknowledged by the auctioneer before he drops his hammer.   The purchase price.

HIGH ESTIMATE:
The highest price a buyer will pay for an item, submitted in confidence to an online auction service's automated bidding system to facilitate proxy bidding.

HOUSEHOLD GOODS:  Those pieces of property that usually have been used in a private home and that are without particular significance for collectors.

ILLEGAL:  Not authorized by law

INVENTORY:  A list, or schedule of itemized articles or property constituting a collection, estate, stock in trade, etc. usually with their estimated or actual values.

KNOCK-DOWN PRICE:  See "hammer price."

LAYOUT:  The sequence in which property will be sold at auction, allowing for logical groupings of similar items and stimulation of bidder interest.

LEADERS:  Choice items that will attract bidders to a sale and elevate the impression made by the entire inventory.  Often featured in pre-sale advertisements and scheduled in the auction sequence strategically.

LICENSE:  A privilege or right granted by the state to operate a profession or business. A privilege to enter or remain on land by virtue of possessor's consent, whether it is by invitation or permission.

LICENSEE:  A person licensed.

LIEN:  A charge, a claim, or security or incumbrance upon property usually for payment of some debt, obligation, or duty. Conditional sales contract can constitute a lien. A lien is not a property in or right to the thing itself, but constitutes a charge or security thereon. An "estate" in land is the right to the possession and enjoyment of it, while a "lien" on land is the right to have it sold or otherwise applied in satisfaction of a debt.

LIQUIDATE:  To pay and settle.   To adjust.   To assemble and mobilize the assets, settle with the creditors and debtors and apportion the remaining assets if any, among stockholders or owner.

LISTING:  An oral or written agreement to employ to sell or lease property, procured by a broker or auctioneer.

LISTING AGREEMENT:  The contract establishing the auctioneer as agent for the property owner with the specific responsibility of selling, at auction, the property specified.   Includes the fee to be paid by the seller to the auctioneer and all obligations of both parties.

LOT:   A property or group of properties that may be assigned a single number in a catalog and offered at one time at the sale. For online (non-auctioneer) auctions, it is best described as a single asset or a group of assets sold as a single unit for one price. For webcast auctions conducted by an auctioneer, a lot can be described as above OR as one price "times the money" with a minimum purchase quantity. Listen to the auctioneer's instructions to be sure. For a Live auction a lot is the item(s) being sold which can be 1 or several items.

Low Estimate:
The mandatory starting bid for a given auction set by the seller at the time of listing

MAIL AND TELEPHONE BID:  The bid submitted by an absentee bidder; his/her top price to be entered in the bidding by the auctioneer or his/her designate (often the clerk) during the sale.

MARK:  The manufacturer or craftsman's name or symbol that appears on items such as furniture, pottery, textiles.  Items with authentic marks generally bring higher prices.

MARKET PRICE:  The price at which a seller is ready and willing to sell and a buyer ready and willing to buy in the ordinary course of trade. The actual price at which a commodity is currently sold in the open market - that is not a forced sale.

MARKET VALUE :  The highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.

MERCHANDISE:  All commodities which merchants usually buy and sell, whether at wholesale or retail. The term is never understood to include real estate.

MISREPRESENTATION:  Any manifestation by words or conduct by one person to another that under the circumstances amounts to an assertion not in accordance with the facts.

MULTI-PROPERTY AUCTION:  A group of properties offered through a common promotional campaign. The properties to be auctioned may be owned by one seller or multiple sellers.

MULTI-SELLER AUCTION:  Properties owned by many sellers, offered through a common promotional campaign are auctioned in a single event.

NET LISTING:  A price is agreed upon, below which the seller will not sell and which price the broker or auctioneer will not receive a commission. The broker or auctioneer does not receive all proceeds excess over the prearranged price as satisfactory to seller giving the seller his required net amount or price.

NR:
Short for "no reserve." This indicates in the item description line that the auction has no reserve price specified.

ON-SITE AUCTION:  An auction conducted on the premises of the property being sold.

ON-SITE BIDDER:
A bidder that is physically participating at the auction venue.

OPENING BID:  The first bid offered by a bidder at an auction.

ORAL BID:  Any bid made on the auction floor - whether it is spoken or signaled.

Outbid:
To submit a maximum bid that is higher than another buyer's maximum bid.

PADDLE:  See "bidding paddle."

PAYMENT ARRANGEMENTS:  Most auction companies ask that you pay when you are finished bidding. Some may ask for down payments when you register, as in auction of real estate. In many equipment auctions bid-assistants will ask for deposits as your purchases are increasing. It's good to ask about this prior to attending so you are prepared when you arrive. For absentee bidding you may need to give a credit card and expiration date for payment, if you are successful.

PERCENT:  An abbreviation of the Latin word "per centum" meaning by the hundred or so many parts in the hundred or so many hundredths.

PERIOD:  The approximate dates between which an item was manufactured. Periods are named for their predominant designer or for the reigning monarch of the time.

PERMANENT:  Fixed, continuing, lasting, and stable, enduring, and abiding, not subject to change.  Generally opposed to "temporary", but no always meaning "perpetual."

PERSON :  A person shall mean and include an individual, film, co-partnership, association, or corporation, but applied to association shall mean the partners, or members, of any partnership, limited partnership, or any form of unincorporated enterprise, owned by two (3) or more persons, and as applied to corporation shall mean the officers or directors and employees thereof.  (Taken from Indiana Auctioneer's License Act as applied to auctioneers.)

PHANTOM BID:  A non-existent bid "acknowledged" by the auctioneer to give an illusion that encourages other bidders to raise their own bids.  An improper practice that is illegal in many jurisdictions.

PIGEON:  A bidder who is easily lured into bidding above his/her self-imposed "bidding limit."

POINT OF SALE:  The location where the auction will take place and where signs are placed to advertise the auction.

PREMIUM, BUYER’S:  The percentage added to the purchase price for the buyer to pay for the services of the auctioneer.

PRESALE EXHIBITIONS:  See "exhibitions."

PREVIEW:  Be sure to take advantage of the preview times made available for you to look over the items being offered for sale. Many times, auction items are slightly used so you will want to know if there are any defects, such as loose or missing table legs, a vehicle that doesn't start, or glassware that has chips or cracks. While these may be acceptable to you, it may affect the amount you want to bid, so look before you bid. You will feel much more confident if you do this.  Also see “exhibitions.”

PROXY BID/ABSENTEE BID:
A procedure which allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or his representative. The particular rules and procedures of absentee bids are unique to each auction company. To keep Live Auctioneers a safe place for buyers, Live Auctioneers masks the absentee bid amount. Other bidders cannot view your absentee bids in the "Other Bids" section. All bids are kept confidential from the auction house and other bidders.

PUFFING:  A price-enhancing technique that may originate with a person employed by the seller to raise the price by fictitious bids.  Such is forbidden by law, and contracts resulting are void or voidable. Puffing also may simply be the auctioneer's exaggeration about properties he is promoting.

PYRAMIDING:  An unorthodox ploy that uses false absentee bids and phantom bids in succession to raise the bid several jumps between legitimate bids.

QUANTITY OPTIONS:  A lot including two or more items is sold on a per unit price basis.  After the price is established, the successful bidder (the buyer) may take whatever quantity He/she wishes at that price.

RESALE NUMBER:  A number issued to dealers who buy merchandise at auction to resell; holders of resale numbers are exempt from paying sales tax in their individual state on such purchases at auction.

Registered User:
A person who has registered as a member of an online auction service. All online auction services require registration prior to buying and selling.

RESERVE:  The minimum price that a seller is willing to accept for a property sold at auction.  Sales "with reserve" are advertised or announced as such in advance of the auction or bidding. This amount is never formally disclosed.

RESERVE AUCTION:  An auction in which the seller reserves the right to establish a reserve price, to accept or decline any and all bids or to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer.   See also Auction with Reserve.       

RINGMAN:  A person accepting bids from the crowd for the auctioneer

RINGMEN:  Employees of the auctioneer who are usually positioned through the crowd of bidders on the "auction floor" to help the auctioneer spot bidders and to help control and influence the crowd. Ringmen often wear special attire (caps, vests, etc.) so they can be identified easily.

RINGS:  Groups of bidders, who agree among themselves not to bid against each other, then later divide among themselves the properties they have purchased cooperatively. A practice that is of questionable legality and may lead to the auctioneer's stopping the bidding.

RULE:  An established standard, guide, or regulation, a principle or regulation set up by authority - as the authority a court, company, public office, of ethics. A regulation made by a court of justice or public office with reference to the conduct of business there in.

RUNNER:  An auction company employee, who delivers lots (purchased merchandise) to successful bidders, runs errands, and relay bids to the auctioneer.

RUNNING BIDS:  The unethical practice of raising bids through the use of price-enhancing tactics, such as phantom bids.

RUN-UP:  Inducing the bidder to bid more than his self-imposed bidding limit through false stimulation of bidding competition, such as non-existent absentee bids.

SALE:  A contract between two parties, called respectively, the "seller" (or vendor) and the "buyer" (or purchaser) by which the former, in consideration of the payment or promise of payment of a certain price in money, transfer to the latter the title and possession of the property.  Sale consists of two separate and distinct elements. First the contract of sale which is completed when offer is made and accepted (as in an auction) and second, delivery of the property which may proceed, be accompanied by, or follow, payment of price as may have been agreed on between the parties. Sales can be absolute or conditional.

SALES TAX:  The state or local tax based on a percentage of the purchase price. Dealers who hold resale numbers usually are exempt from sales tax.

SALES TAX EXEMPTION:  The need to provide a tax exemption certificate will vary from state to state in the U.S. If you are a dealer, call to ask what will be needed. If you have a dealer number for tax exemption purposes, carry it with you when you attend auctions.

SALTING:  Increasing interest in a box lot of merchandise by adding to it one or more items of higher quality.  Also, when a prospective buyer moves one item from a box lot and places it in another.

SEALED BID:  A method of sale utilized where confidential bids are submitted to be opened at a predetermined place and time. Not a true auction in that it does not allow for reaction from the competitive market place.

SECONDARY OR RE-AUCTION:  The procedure used by members of a ring to redistribute among themselves the collection of items they have bought as a group.

SELL:  To dispose of property.

SELLER:  Entity that has legal possession, (ownership) of any interests, benefits or rights inherent to the real or personal property.  One who sells anything?

SERVICE:  Has a variety of meanings, depending upon the context or sense in which it is used.  The being employed to serve another; duty or labor to be rendered by one person to another, the former being bound to submit his will to the direction and control of the latter. "Constructive Service of Process" - any form of service other than actual personal service - Notification of an action or proceeding therein, given to a person affected by sending it to him in the mails, personal service, or newspaper service. The exhibition or delivery of a writ, notice, injunction, etc., by an authorized person, to a person who is thereby officially notified of some action or proceeding in which he is concerned, and is thereby advised or warned of some action or step which he is commanded to take or to forbear.

SHILL:  An employee of the auctioneer or auction house who bids against legitimate bidders to run-up the price.

SILENT AUCTION:  A procedure often used at charity or benefit auctions.  Prospective bidders write in their bids on sheets bearing the numbers of the respective items.  Each bid must be higher than the one before it. Often used for lower quality merchandise.

SIMULTANEOUS BIDDING:  A method used in Japan, now made easier through the use of electronic equipment. All bidders register the prices they will pay at the same time.

SPECIALIZED SALE:  A sale devoted to one type of collected object, such as coins, dolls, guns.

SPECIFIC:  Specific performance - a remedy in a court of equity compelling a person to carry out the terms of the agreement or contract, which was executed.

SPOTTERS:  Auction company employees who assist the auctioneer by observing bids and relaying them to him/her.

STARTING PRICE:
The mandatory starting bid for a given auction set by the seller at the time of listing.

STYLE:  Primarily used to describe furniture that did not originate in a given period but that has design characteristics of that period.

SUBJECT TO CONFIRMATION:  See RESERVE AUCTION.

TAX:  In a general sense, any contribution imposed by government upon individual, for the use and service of the state, whether under the name of toll tribute, tallage, gable, import, duty, custom, excise, subsidy, aid, supply or other name. In its broad sense includes assessments.

TAX SALE:  Public sale of property at auction by governmental authority, due to nonpayment of property taxes.

TEN-TEN SYSTEM:  The commission system originated in Europe and now in use in the U.S. by which both the seller and the buyer pay the auctioneer a 10% commission, based on the purchase price.

TERM:  A fixed period, a determined or prescribed duration.

TERMS:  The period of time that an agreement is in effect.

TERMS AND CONDITIONS / TOS:  "Terms and Conditions" are something you will likely see at every auction you attend. They will vary a according to the type of commodity being sold and the auction company. What we are showing you here are some things that are typical and that you should know. Please be sure to check the Web site or on-site glossary for each individual auction.

TIE BIDS:  When two buyers bid exactly the same amount at the same time. Resolved by the auctioneer who may try to get one bidder to move higher or re-auction the property.

TIME-INTERVAL AUCTION:  A method that allows bidders a reasonable period of time to consider their bids.   Used more commonly in foreign auctions with clocks, bells or candles signaling the end of the time period.

TOUCH-OF-HANDS BIDDING:  The sale is to the bidder who is highest when each of the assembled buyers has had a chance to indicate his bid by shaking the auctioneer's hand.

Total Bid:
The total amount of a bid placed including buyer's premium.

TRACK RECORD:  Past auction sales records for works of a given manufacturer or craftsman.

TROTTING:  A price-enhancing technique used by the auctioneer who has no bid or fewer and lower bids than he/she wants.  He/she pretends that he/she has other bids to stimulate the bidding by legitimate bidders.   An illegal procedure.

TYPES OF PAYMENT ACCEPTED:  This can range from cash only to cashier's checks or personal checks and credit/debit cards. Many times you will need a positive ID such as a driver's license or other government ID when you register for the first time.

UNMARKETABLE:  It being sufficient to render it so if ordinary prudent man with knowledge of the facts and aware of legal questions involved would not accept it in the ordinary course of business, but title need not be bad in fact.

UPSET PRICE:  Commonly known as the reserve price.

VALUABLE:  Of considerable worth in any respect; commanding or worth a good price.

VALUATION:  The act of ascertaining the worth of a thing. The estimated worth of a thing.

VALUE :  The utility of an object in satisfying, directly or indirectly, the needs or desires of Human beings, called by economists "value in use"; or its worth consisting in the power of purchasing other objects, called value in exchange.   Any consideration sufficient to support a simple contract.

MARKET VALUE:  Fair value of property as between one who wants to purchase it and another who desires to sell it - neither by force.

VOID:  Null; ineffectual; having no legal terse or binding effect; unable; in law to support the purpose for which it was intended.

WAIVER:  The intentional or voluntary relinquishment of a known right. The renunciation, repudiation, abandonment, or surrender of some claim, right, privilege, or of the opportunity to take advantage of some defect, irregularity, or wrong.

WARRANTY:  A promise that a proposition of fact is true.   To give a warrant.

WATCH LIST:
To track the bidding activity of certain items, use the Watch List feature. Useful for Buyers and Sellers alike, it puts items from different categories into one place (Requires an account). Any number of items may be stored in your list. To add an item to your list, just click the "Add to Watch List" icon at the top right of each item's description page. Manage your Watch Lists from your account page after you sign-in.

WITHDRAWL:  Failure to reach the reserve price or insufficient bidding.

WITHDRAWN:  The removal of lots from an auction due to damage, specifications from the seller, failure to reach the reserve price, or insufficient bidding.

WORLD RECORD PRICE:  The top gallery or auction company price obtained for works of a particular artist or distinctive objects.

GRADING ABBREVIATIONS:
AG/About Good A/O/All original BV Book value. C1-C10 Complete/Almost Complete EX/Excellent EXMT Excellent-Mint. Superior to Excellent, closer to Mint. F/Fine G/Good GMMT/Gem Mint MIB/Mint-in-Box MIMB/Mint-in-Mint-Box MOC/Mint-on-Card MOMC/Mint on mint card MT/Mint NR/No reserve NRFB/Never Removed from Box OOAK/One of a kind. OOB/Out of box. OOP/Out of print Pristine VG/Very Good o/c (oil on canvas)