Bid (verb): simply put, to bid means to make an offer at a set amount. So when you bid at auction, you are committing to buying a given work of art at a certain amount that had been set by Greenhouse Auctions.
Bid (noun): the amount offered on a given work of art.
Opening bid: the initial amount acceptable to the seller, generally at or below the low estimate.
Early bid: Also known as ‘absentee bid’ or ‘advance bid’, an early bid is an offer on a work of art made by an interested buyer ahead of the auction date. Early bids are accepted as soon as the online catalogue is posted on the website, usually two weeks before the live auction, and may be changed during the course of that time. This allows you, as the buyer, to pursue a work of art even if you are not able to make the live auction on the scheduled date.
Maximum bid: A confidential amount that buyers set as their final offer on a given work of art. This information is never shared with the seller or other buyers and remains exclusively between the buyer and Greenhouse Auctions.
Increment: the difference between two pre-established amounts, providing buyers with clarity on the bids steps
Live bid: An amount offered on a work of art on the day and time of the live auction. As opposed to the early bid, which can be left at any point prior to the live auction, this amount can only be offered once the specific work of art is being offered during the live auction.
Live bidding: On the day of the auction, works of art are made available for live bidding in sequential order, starting with Lot # 1, until the auction has concluded and all lots have been offered for sale. Each item is given a minimum of three minutes during the live auction to be sold to the highest bidder.
Anti-sniping measure: Each item is offered for sale for three minutes. Once there is less than a minute to go before bidding closes, each bid left from that point on adds 60 seconds to the bidding time to give all registered bidders the option of raising their bids.
Closing: On the day of the auction, the auction goes live and each work of art is given a minimum of 3 minutes to sell. At the end of the allotted time period, an item is no longer available for bidding, and as such, considered ‘closed.’
Outbid: If you receive notification on the day of the auction that you have been outbid during the live auction, that means that another bidder has placed a higher bid than yours. You will need to raise your bid in order to remain competitive in pursuing your artwork of interest.
Live auction: A timed event scheduled for a specific date and time, during which the grouped works of art up are offered sequentially. As one artwork closes, the next opens for bidding.
Competitive bidding: When two or more potential buyers are vying for the same work of art and leave sequential, rising bids against one another.
Bidding Time: On the day of the live auction, each work of art (or lot) receives a minimum of 3 minutes, during which registered bidders can view and bid on the lot. The three-minute window is the timeframe during which the lot remains open for bidding.
Bidder: Any registered individual interested in potentially buying a work of art at auction.
Underbidder: The penultimate registered user to bid on a work of art.
Winning bidder: The last bidder to prevail during bidding at the live auction.
Paddle: Your account number, strictly confidential.
Seller: All sellers on record are either the artist whose work is being sold, or the gallery representing them. The seller for each lot is identified in the online catalogue, in the lot details page.
Presale estimates: A range of two amounts framing our expectation for the final bid amount (hammer price) on a work of art during the live auction.
Low estimate: The lower end of the range shown in the presale estimates.
High estimate: The higher end of the range shown in the presale estimates.
Reserve: The lowest amount for which a given work of art may be sold. The opening bid on each work of art is the reserve.
Hammer price: the final bid amount offered by the winning buyer. It does not include the buyer’s premium of 20%.
Buyer’s Premium: A 20% fee that is added to the hammer price (final bid amount.) In other words, if the final winning bid amount is $5,000, with the buyer’s premium the buyer is to pay $6,000 (plus any applicable taxes and shipping.)
Seller’s commission: A 5% fee that is deducted from the hammer price once a work of art sells at auction. The seller’s commission is donated in its entirety to the scholarship fund.
Online catalogue: a dedicated webpage showing all the works of art that are offered in a single auction. The online auction catalogue includes full cataloging information (with the presale estimates), high-res image(s) of the artwork, a link to the artist’s profile and a video of the artist (or their representative) discussing the artwork.
Lot: That which is listed for sale as a single offering. It may be in any medium (painting, sculpture, drawing, etc), and may include multiple items within it. For example, a set of drawings sold together can constitute a single lot.
Preview: The period of time between the auction catalogue being posted on the website and the day of the actual auction. Normally, this period is two weeks, during which the public is able to peruse the online catalogue, view the images and videos submitted by the artists and galleries, submit any questions, register to participate in the auction as a bidder, and leave early bids.