Glossary Absentee Bid A method of bidding whereby a person who does not wish, or is unable, to attend the auction may submit a confidential written bid on items to Manor & Street. When the specified item(s) come up for sale, the absentee bid is executed by the auctioneer, or the clerk on behalf of the client. Agent A person who bids, or transacts purchases on behalf of another. Appraisal A formal (usually written) assessment of the fair market and/or insurance value of an item of personal property. Fair market value represents what the item might bring at auction. Insurance value represents what it might cost to replace an item. As Is All property sold at auction is sold "as is" meaning it is sold with all existing faults and imperfections. Bid An offer, acknowledged by the auctioneer, to buy property at a specified price. Bid Card The numbered card each buyer receives after registering to bid which identifies the buyer to the auction clerk whenever the buyer becomes the winning bidder of a lot item. During checkout, the bid card is used to retrieve a buyer's property which has previously been marked with the buyer's bid card number. Bought In If an item receives no bids, or the bidding does not reach the set reserve price, the lot is "bought in," meaning that the item is unsold and remains the property of the seller. Buyer's Premium A fixed percentage surcharge added to the final or hammer price called by the auctioneer (consult terms & conditions information for rates). Catalogue A printed guide containing the descriptions of each item up for sale at a given auction, in numerical order by lot. Commission A percentage of the final bid price of an item payable by the seller to Manor & Street for services rendered. Consignor The seller of the lot. Estimate A verbal appraisal of the approximate price range an object can expect to bring at auction. Gavel The small mallet, or hammer, used by the auctioneer to signal the end of bidding on each lot. Hammer Price The final bid price called by the auctioneer at the fall of the gavel. This price is exclusive of the buyer's premium. Increment The monetary amount by which the auctioneer increases the bidding. Lot A unit of property, usually consisting of a single item, but applicable to a group of items. Price List After each sale, Manor & Streets compiles a list recording the final sale price of each lot. This list is automatically mailed to all catalogue subscribers and consignors, but is also available upon request by telephone. Provenance The history of ownership of the property consigned to auction. A lot item with an interesting provenance can significantly add to an item's bid potential. Reserve A confidential minimum price for a lot, agreed between the seller and Manor & Street, below which the item will not be sold. Seller One who consigns property for sale by auction. Spotter A member of the Manor & Street staff who assists the auctioneer by identifying bidders during the auction sale.

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