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Auctioneer’s Terms |
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PSE: Professional Stamp Experts (Miami, FL, U.S.A.) [abbr.]. |
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PSE Certificate: Professional Stamp Experts Certificate [abbr.]. |
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PTS: Philatelic Traders Society (U.K.) [abbr.]. |
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Reserve Price: 1. The catalogue stated or non-stated minimum price acceptable by the auctioneer or the owner of the lot. 2. the Stated Reserve. 3. the Hidden Reserve. |
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"Returned to the Owner" Lot: see: "Bought In" Lot. |
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"Running Up the Bidder": 1. The practice designed to artificially create higher realizations for an auction lot by "accepting" bids from non-existent bidders. |
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2. "Bidding Against the Ceiling" [slang]. 3. "Bidding Against the Curtains" [slang]. 4. bidding against a "Ghost Bidder" [slang]. |
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Schätzpreis: see: Estimated Value. |
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Seller's Commission: The percentage or other pre-determined commission deducted from the Hammer Price of the lot, and retained by the auctioneer as part of the |
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commission for selling the lot. |
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Shill: A person employed by or representing an unscrupulous auctioneer or owner of the items being offered at public auction, and who creates artificially higher |
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prices for lots sold at public sales. |
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Sold to the Book: 1. The auctioneer's terminology designating that a lot has been hammered down to an Absentee Bidder represented by the auctioneer. |
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2. Sold to the Order. |
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Sold to the Order: see: Sold to the Book. |
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Spotter(s): Personnel employed by the auctioneer to monitor the public auction floor bidders, and to point out to the auctioneer any active bidder who may have been |
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overlooked by the auctioneer. |
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Starting Bid: see: Minimum Bid. |
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"Statue of Liberty" Bidding: see: "Paralysis of the Arm" Bidding [slang]. |
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Suggested Bid: see: Estimated Value. |
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Tie Bid: One or more identical high bids received for the same lot offered at auction |
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Terms of Sale: see: Conditions of Sale. |
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The "Tip": see: Buyer's Premium. |
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Unreserved Auction: An auction without Hidden Reserves or Stated Reserves selling lots for whatever is offered by the bidders. |
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Unsold Lot: see: "Bought In" Lot. |
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VAT (Value Added Tax): The tax payable on the Hammer Price + the Buyer's Premium for auction lots purchased from auctioneers resident |
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within the countries being members of the European Union (EU). VAT is not payable for lots delivered to addresses outside of the EU community. |
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Withdrawn Lot: An auction lot removed from the sale for reasons that could include, but are not limited to the following reasons: |
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mis-description or misidentification, the lot having been lost or misplaced, or the lot not having realized the reserve price. |
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