Hidden Reserve: 1. The non-stated minimum price the seller of the lot will accept, with bids received below the Hidden Reserve being ignored. 2. the Non-Stated Reserve.

Knockdown Price: see: Hammer Price.

Limit Bids: The maximum amount of money an absentee bidder is willing to spend at any one specific auction. Lot: The philatelic property offered as an individual entity, and numbered as such in the auction catalogue.

Lot Description: The auctioneer's identification of the material being offered at auction.

Minimum Bid: 1. The auction catalogue stated minimum price the auctioneer will accept for the lot. 2. the Starting Bid.

Non-Stated Reserve: see: Hidden Reserve.

NVPH: Nederlandsche Vereeniging van Postzegelhandelaren (Netherlands Stamp Dealers Association)[Netherlands]

Opening Price: The beginning selling price of the lot as announced by the auctioneer indicating the price at which the bidding commences. The Opening Price can represent a bid one increment over the second highest Book Bid, the highest Book Bid, or the Reserve Price for the lot.

Opinion: see: Expertise/Expertise Committee.

Order Bidder: see: Absentee Bidder.

Paddle: see: Bidding Paddle.

"Paralysis of the Arm" Bidding: 1. The floor bidding procedure whereby the participant denotes the intention of bidding by raising the bidding paddle, or equivalent, throughout the bidding process, without lowering the instrument during the calling of the bidding increments. 2. "Statue of Liberty" bidding [slang].

P, PH, Photo: Standard auction catalogue abbreviations indicating that a lot or a portion of a lot has been illustrated.

Pass: The auctioneer's terminology designating that a lot has been hammered down, but that the lot remains unsold because the final bid did not reach the Hidden Reserve.

PF: Philatelic Foundation (New York) [abbr.].

PFC: Philatelic Foundation Certificate [abbr.].

Price on Request (POR): 1. Rarely used in the U.S.A., the terminology stated in an auction catalogue when designating that a lot's value is sourced by contacting the auctioneer for the estimated price. 2. Preis auf Anfrage [Germany]. 3. Prix sur Demande [France]. 4. Prezzo a Richiestra [Italy]. 5. Precio sobre Demanda [Spain].

Prices Realized: A published listing of the prices realized on individual lots sold during an auction, usually designated as being either the Hammer Price amount , or the Hammer Price + Buyer's Premium amount.

Provenance: 1. The origin and/or previous owner(s) of the philatelic material being offered at auction, usually attributing ownership to a prestigious collector or institution. 2. the designation for this type of philatelic material (ex-Ishikawa, ex-Farouk Collection, etc.).

PSE: Professional Stamp Experts (Miami, FL, U.S.A.) [abbr.].

Auctioneer’s Terms

Stamp Fair & Auction Diary

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