FAQs

As Described By Investopedia:

“An Auction Is A Sales Event Wherein Potential Buyers (Bidders) Place Competitive Bids On Assets Or Services Either In An Open Or Closed Format.”

The Auction Industry Consists Of Third-Party Dealers That Organize Auctions For Items, Which Are Often Considered To Be Rare Or Highly Sought After.

Products Sold Can Include Artwork, Cultural Artifacts, Jewelry, Cars, Or Other Items That Generate Demand From The Industry’s Client Base.

Industry Operators (Auction Companies) Often Act As A Broker Of These Goods, Selling Items On Behalf Of The Current Owner (Consignor).

Industry Operators (Auction Companies) Add Value By Being Able To Match Bidders To Sellers, Handling Payments, And Certifying The Authenticity Of Items Sold At Auctions.

Promo LLC Provides A Platform For Buyers To Purchase Items Directly From Reputable Auction Companies And Dealers To Create A Trusted Marketplace. For More Information Regarding Sellers On Promo LLC See Promo LLC Sellers.

Timed Auctions

This Auction Method Type Is Run By A Computer Set On Predefined Automated Closings. In Timed Auctions, Bidder Place Pre-Bids On Items In The Catalog And Then The Auction Closes Automatically At A Pre-Designated Time. Timed Auctions Are Generally Online And Accepting Pre-Bids For A Least A Few Weeks.

Timed Auctions Must Have A Set Opening And Closing Dates And Bid Increments In Place Prior To Accepting Bids. Bidders Enter Their Bids Against Other Competing Bidders On The Internet For The Same Item.

Live Preview Auctions

The Auction Method Type Where The Auctioneer Has A Set Date And Time Of The Inventory Being Sold In In The Online Auction. These Auctions That Offer This Live Preview While Many Do Not, And Their Location May Be Far From The Auction Location This Is An Excellent Opportunity For A Bidder/Buyer To See Items That They May Be Interested In. Pictures Are Great And Many Times Are Fine Regarding The Overall Representation Of Bidding Items Listed. However, When Available It May Be A Prudent Choice For The Potential Bidder To Look At An Item In Person.

Bid: The price offered for an item available for Auction. A prospective buyer’s indication or offer of a price he or she will pay to purchase property [goods] at Auction. Bids are usually in standardized increments established by the Auctioneer. Placing any kind of bid in an event is a commitment to purchase the item from the Auction house if you have the highest bid. For more information about bidding, see Bidding on Promo LLC

Bidder: A person who engages in the act of competitive bidding at Auction. or more information about bidding, see Bidding on any Promo LLC, I GO AUCTION Auctions. 

Buyer: A bidder (winning bidder) whom is awarded the high bid at the close of bidding on an item at Auction.

Onsite Bidder: An individual in attendance at the live Auction who has been approved to participate in the event. I GO AUCTION Auctions are all online with some have a preview date opportunity.

Internet Bidder: An individual who has registered and been approved to bid on items online at Auction through an online bidding platform, such as Promo LLC

Consignor: Entity that has legal possession (ownership) of any interests, benefits, or rights inherent to the real or personal property. Some consignors not being licensed registered I GO AUCTION sellers can list with our registered and vetted Auction companies and vendors. In these cases, the I GO AUCTION guarantee continues to be adhered too by the Auction Company for any of these items. 

Reserve (Ask Price): The minimum price that a seller is willing to accept for an item to sell it at Auction. Also known as the Reserve Price or Ask Price.

Bid Increment: The dollar amount by which the bidding is advanced. The bidding increments are set by the Auction company.

High Bid: The highest current accepted price for an item at Auction. 

Deposit: A dollar amount that must be paid by the bidder to participate in an event. For more information. As a bidder you will be notified of this if the Auction company has this requirement.

Buyer’s Premium: A fee sellers may charge a buyer that applies to the final purchase price of an item. The Buyer’s Premium may be a percentage of the high bid, or a flat fee added to the high bid. Either way, the Buyer’s Premium, taxes, shipping, and additional fees may be added to the purchase price to generate the total owed by the winning bidder. The fees an Auction company charges are listed in the Auction listing itself and also in the terms and conditions.

Pre-Bids: Pre-bids are bids made in a Timed Auction or before an online Auction has gone live. Pre-bids can be instant bids or maximum bids and are simply bids made in advance. Some sellers may refer to pre-bids as “absentee bids”. Pre-bids are automatically represented for a bidder during an Auction, up to their maximum bid. For more information, see Pre-Bids. Please note that some Auction companies take the bidders high bid as a bid and adjust the bid immediately to your high bid. Please check the terms of any Auction you bid on to see if they allow Proxy Bidding. All bids placed are accepted and final. 

Maximum Bid: A maximum bid is a pre-determined amount that a bidder is willing to bid up to. When a bidder enters a maximum bid, they are telling the Promo LLC plat form to place bids on their behalf, not exceeding the maximum amount unless the Auction company does not have this proviso then the amount you bid will become the high bid. Please validate the Auction you are bidding on allows proxy bidding. All bids placed are accepted and final.

In an Auction held with reserve, the Auction company seller or vendor reserves the right not to sell the property unless a certain amount regarding selling price is met. Remember that the item you are bidding where you are the high bidder may not be the winning bid. Most reserve Auctions the high price of the Auction item is unknown until the items reserve has been met and then the item Auction will show reserve has been et. When the bidder sees that the reserve has been met and they are the high bidder then this item will be available for purchase.

Placing any kind of bid in an event is a commitment to purchase the item from the Auction company if you have the highest bid. It is important that potential bidders thoroughly read the Terms of Sale for the Auction before placing any bids.

The Terms of Sale will outline important information, such as:

• Taxes applied to purchases.
• Fees applied to purchases.
• Acceptable payment methods
• Deadlines for making payment.
• Deadlines and location for picking up items won, if applicable
• Shipping information and additional charges, if applicable

Whether a bidder is a new or experienced member of Promo LLC and I GO AUCTION, there are a few things to keep in mind:

• Read the item’s description and review images of the item thoroughly before placing any bids.
• Digital images and descriptions can vary in clarity.
• Contact the seller directly to learn more about the traits of a specific item not addressed in the item’s description.
• Any questions reach out to the seller Auction and ask before you bid. All bids are final and binding. 

While there no fees charged for placing bids on I GO AUCTION, some sellers and vendors may although rare require registration deposits.

Whether a bidder is a new or experienced member of any online Auction platform or not, there are a few things to keep in mind:

• Placing any kind of bid in an event is a commitment to purchase the item from the Auction house if you have the highest bid.
• Read the item’s description and review images of the item thoroughly before placing any bids.
• Digital images and descriptions can vary in clarity.
• Contact the seller directly to learn more about the traits of a specific item not addressed in the item’s description BEFORE YOU BID!
• Thoroughly read the seller’s Terms of Sale section prior to placing any bids.
• Promo LLC and I GO AUCTION vendors and sellers do not allow retraction requests. The bid you make is binding and final.

Group Lots: Single items can be sold in groups, either for one price or by having the highest bid multiplied by the quantity of items.

A bid that has been placed by someone, or some party, who is unable or does not wish to attend an auction. An absentee bid may be placed by submitting a form in person or online, which usually grants an auction staff member or the auctioneer to bid on their behalf, no higher than the top amount of the absentee bid. These are also called “commission,” “order,” “written,” or “proxy” bids.

Bids placed after an auction have closed on items that did not sell.

A formal evaluation of an item’s fair market and/or insurance value, typically completed by an appraiser. Appraisals are conducted primarily by, but not limited to, comparing the item with recent sale prices for similar objects and analyzing the item’s condition. While appraisals are not fixed, they represent the appraiser’s best judgment. Please note that many auction companies have their own appraisers and can offer their sellers this service. Auction Walk has services in many areas that can also appraise an auction item when needed.

A royalty entitled to the original artist or the artist’s estate for a work sold. Royalties are determined by a sliding scale based on percentages of the sale price. Many countries have local laws to enforce resale rights. Rates, eligibility, and the person liable for paying the royalty vary from country to country. In France, “Droit de Suite” is a royalty that is paid to the original artist or the artist’s entitled heirs each time a work is sold in the secondary market during the artist’s lifetime and up to a period of 70 years following the artist’s death. If the resale royalty is applied in a USA auction then there will be a clear indication of this item in the description of the item and what this additional fee might be.

Refers to a work that’s being offered for sale as it exists in its present condition. Prospective buyers are responsible for examining and judging property, and it is important to do so prior to placing a bid.

The sale of property that takes place in a public forum, involving open and competitive bidding. An auction can be online only, offline only or a hybrid of both.

The raised platform or podium where the auctioneer stands when conducting an auction. The phrase “placing an item on the auction block” is another way referencing the sale of something at auction.

The person responsible for conducting a sale by auction. Each auction house on Auction Walk typically has a licensed auctioneer available when they are implementing an offline/live auction. An online only auction has no need for an auctioneer.

The signal to the auctioneer by a prospective buyer, indicating the specific amount he/she is willing to pay for the lot if he/she wins the bidding. Most bids are legally binding and require pre-registration.

The interval pace by which an auctioneer increases the bidding price. The auctioneer decides the price of the first bid, which generally starts below the low estimate, and will incrementally increase each bid after by up to 10%. Below is an Auction Walk example. Each Auction House has their own bid increments and are always clearly listed within their auctions.

The action of preventing a specific bidder from participating in single or future auctions, often at the seller’s request. Auction Walk will do a blanket block bidder across the full auction vendor network upon request of any licensed auction company on the platform. This request will come due to a bidder not adhering to the terms and conditions of the auction company. These terms and conditions are always clear and concise between the auction house/Auction Walk and the bidder/s

Appears when no bids are placed on a particular lot, or if bids do not reach the reserve price. As a result, the lot remains unsold and in the property of the owner, a third-party guarantor, or the auction house itself.

The amount added to the hammer price to determine the total purchase price. Typically, results posted online following an auction only reflect the total price realized for each lot (Hammer + Buyer’s Premium).

The percentage of the total lots that were offered in a sale but failed to sell.

The information about a lot, which typically includes the artist’s name, title of the work, medium of the work, dimensions, execution year, whether the work has any markings, is unique or part of an edition, its provenance, literature and exhibition history.

An additional document created by an artist or artist’s estate to be sold with their works. It typically includes the artist’s information and/or signature and identifies the materials, processes and techniques used to create an object. This COA can accompany an item on Auction Walk where validation of any type of item to ensure that the bidder is receiving an item as described. Please note that a COA is at the validity of the Authenticator, and this should always be taken into account when purchasing an item.

A fake bid logged by an auctioneer as a way of encouraging unenthused bidders. The auctioneer pretends to see a bidder and announces a bid, looking off into the distance and may even point to an indistinct spot. This practice is also known as a “rafter bid,” and though it is not illegal, it is generally frowned upon in the industry. Please note an online auction format has safeguards in place that protect a bidder from a chandelier bid or similar.

The illegal practice among two or more buyers who collectively agree not to bid against each other so that they can win works at extremely low prices. This unethical practice, which allows a small group of individuals to dominate a certain market, is often difficult to prevent. Collusion can also take place when an auctioneer accepts fake bids on behalf of the seller, who is motivated to inflate the price of their property.

An amount paid by the consignor to an auction house or gallery, which is deducted from the price of a work sold. Auction houses usually deduct commissions from the hammer price.

A detailed description that notes any damage, restoration and/or unusual characteristics of a particular item and where those areas are located. Condition reports are important standardized guides of information, which closely examine the item and aim at eliminating any oversights on behalf of the seller.

The legal written agreement between the consignor and an auction house or gallery that describes the terms under which a property will be sold, including acceptable methods of payment, buyer’s premiums, reserves and other regulations. Prospective buyers should carefully read and understand these conditions before bidding.

A science-based discipline and technique that aims at preserving a work of art by repairing damage or deterioration. Contemporary conservation methods are premised on the notion that every change must be reversible.

The owner of property who transfers the rights to an auction house or gallery to act as an agent to sell the work on his/her behalf.

The work displayed on the cover of the sale catalogue and is usually the work that the auction house expects will create the most excitement and buzz.

A term, originally meaning “keeper,” which describes a person who takes on the responsibility of selecting and often interpreting works of art. For an exhibition, the curator may also assist in writing content, such as catalogue essays and press releases.

An auction that typically takes place during the day, following the Evening Sales. Day auctions tend to offer works at lower price points and sometimes consist of two sessions, one in the morning and one in the afternoon.

A line in the catalogue entry that identifies a consignor. The designation can appear as the name of the current owner or as a description, such as “Property from an Important American Collection.”

The sale of property that has been left by an individual after his/her death.

The price range (from low to high) given to a lot by auction house experts, which reflects what the lot might sell for at auction. Estimates are based on various factors, such as the condition, provenance, literature and exhibition history of a particular item. Estimates are important guides for prospective buyers and are typically used to establish a lot’s reserve price.

A night auction, which typically offers the most coveted lots at higher price points. Evening Sales are generally characterized by a high drama atmosphere and formal attire.

Included in the catalogue of an item and lists museum and/or gallery exhibitions in which a lot (or work from the same edition) has been included. Exhibition history is an important factor that can influence the value of an object.

A general term used to refer to professionals that have extensive or authoritative knowledge and/or skills in a particular field. Auction Walk has experts in most types of auctions that are available for consultation when needed by any registered auction house or registered bidder.

The price based on an appraiser’s opinion about what an object might sell for if offered by a willing seller to a willing buyer. Auctions are recognized as a measure of Fair Market Value since the sale operates in a competitive market and is open to all bidders.

A warning given by an auctioneer to signal that he/she is about to bring down the hammer, closing all bids on a lot. A fair warning is important as it offers one final opportunity to increase the bidding before the sale is completed.

Another name for the auctioneer’s hammer, which is used to close bidding.

A term that refers to cases in which an auction house has guaranteed to pay a specific amount to a consignor for a lot, regardless of the outcome at auction. Guarantees provide consignors with some measure of certainty and are negotiated individually between the consignor and auction house. You can identify whether a lot is guaranteed by a specific symbol, usually marked next to the estimates in the catalogue (a key for this and other symbols are generally listed in the front or back of the catalogue as well as online). Auction Walk and the Auctions that list on the platform all have guarantees clearly listed in their terms and conditions. All bidders are encouraged to read the guarantee’s before placing any bids.

The winning bid for a lot and reflects the highest amount acknowledged by the auctioneer before his/her hammer comes down. Hammer prices do not include the buyer’s premium.

The cost to replace an item, which depends on the current worth of the item.

A term that is sometimes used by auction houses to describe when the hammer came down and ended the bidding. For example, “The lot knocked down just below the high estimate.”

The term used to describe an individual item or group of items that are being offered at auction for sale as a single unit.

The specific number assigned to a lot in an auction. Auctions, and their corresponding catalogues, typically proceed in numerical sequence by lot number.

Small emblems included in a lot’s cataloguing, which may indicate whether the auction house has a direct financial interest in a particular lot, if a lot is owned in part or in full by the auction house, whether a lot is guaranteed either by the auction house and/or a third party, among other notes. A key for lot symbols can generally be found in the back or front of the sale catalogue as well as online.

Any kind of annotation created by the artist on an object, including signatures, dates, titles, which may appear on the surface, front (verso) or back (recto) of a work of art.

A general term used to describe the material used to create an object, such as oil, acrylic, watercolor, pastel, bronze, steel, etc.

When there is no reserve on a lot, it will be sold to the highest bid with no limitations on the amount reached. An auction that has no reserves on any lots being offered for sale is commonly called an “Absolute Auction.”

A term that describes an artist’s “body of work” and is commonly used by many art professionals.

The first bid placed by a registered bidder at an auction.

The preview of an exhibition that is either open to the public or an invitation-only event.

An object that displays the number assigned to registered bidders at an auction. You can place a bid by raising the paddle and waiting for the auctioneer to accept (usually by some kind of gesture or verbal acknowledgement). When a bid wins the auction, the paddle number is recorded alongside the hammer price. It is important to keep your paddle as it is sometimes needed to complete the purchase.

A common term used by the auctioneer to close the sale of an item and indicate that a lot has failed to reach its reserve price.

Opportunities for prospective buyers and an interested public to view works being offered in an upcoming auction. During these times, specialists are usually available to answer questions and inquiries. Exhibitions are free and generally take place the week before the auction. Location, dates and times are usually announced online and in promotional materials, though you can always call to check.

A violation of the federal antitrust law occurs when two or more auction houses conspire to eliminate competition by setting rates.

A market created when an object is sold for the first time. The first sale typically happens directly from the artist’s studio or through an agent or gallery.

When a dealer places a bid on a lot, which is by an artist that he/she represents or that he/she has financial interest to keep the bidding above a certain price. This is common practice of many dealers since auction results can impact the artist’s overall market. Auction Walk frowns on this type of practice. This is a form of “Shill Bidding,” and when validated our platform will take actions to protect any bidder that this practice has been applied to. Auction walk strongly suggests when protecting any items sale value that a reserve be placed on the selected item.

Refers to the record or records of previous ownership of an object, which serve as proof of its authenticity. Provenance is especially significant to secondary market works and can greatly impact the value of an object.

A confidential minimum price that the consignor is willing to accept and is an amount agreed upon between the consignor and the auction house. Reserves are typically set at or below the low estimate of a lot. If bidding does not reach the reserve, the property will not be sold.

The polished print brochure that an auction house sends to collectors and prospective buyers, which lists lots being offered in numerical order, along with detailed information about each lot as well as the terms of the sale, contributors, etc.

A unique number assigned to every auction to distinguish the sale from past and upcoming auctions. The sale number generally appears in every catalogue, both online and print.

A market that deals in objects that have been previously sold, at least once. Auction houses and some fairs focus primarily on secondary market works.

A person who has legal ownership of an object, including any interests, benefits, or rights to the property.

An assessment of an auction’s performance after bidding has closed, which calculates the rate by lot (lots that sold/total lots offered) and by value (total value achieved/overall estimated value of sale). Rates above 80% are successful and vice versa. Here at Auction Walk we encourage the sale through rate to be as high as possible selling as many of the listed items as is possible.

Generally, refers to a person who is an expert in a specific subject and/or field of collecting.

The lowest price a seller will accept for the sale of his/her item (unless a Reserve Price exists). Auction bidding generally starts at this price.

A bid placed over the phone with an auction house staff member who is present at the auction and can bid on the buyer’s behalf. Many buyers prefer this method for its convenience and anonymity.

A guarantee that is provided by a third party and potentially benefits the third party if such a lot is successfully sold. However, it can incur a loss if the sale is unsuccessful.

Occurs when two or more individuals bid on a lot for the same amount at the same time. The resolution is often up to the auctioneer’s discretion or outlined in the auction’s Terms & Conditions. An online bid on Auction Walk never has a tie bid as the next bid will rotate up the next highest bid.

Not an official term but represents the actual amount payable for a winning bid, which includes the hammer price plus the buyer’s premium, and, in some cases, any state, local sales or value added taxes and resale rights. Bidders on Auction Walk would understand that their high bid has additional fees associated with the purchase. These additional fees are always clearly outlined in the terms and conditions of an item/s.

A term sometimes used to describe someone who bid the second highest amount, just below the winning bid, at auction.

A description prepared by an auction house or gallery, detailing the current value of an item. Valuations differ from auction estimates and are used for many purposes, such as collateral loans, estate taxes, planning and insurance.

A lot that has been removed from a sale prior to an auction. The auctioneer will announce Withdrawn Lots before the sale begins or ends. Should a bidder bid on an item before it is withdrawn the bid as well will be withdrawn with no purchase obligation to the bidder. Auction Walk monitors withdrawn lots and assures that these items have reasonable reasons for the withdrawal. All seller actions are applicable to all terms and conditions. Typically, this is a very small practice percentage of items and is commonly due to breakage, loss, or seller retraction of items listed.

An auction in which each lot is sold, creating a 100 percent sell-through rate.