Glossary of Terms

Glossary of Terms

Absentee BidsAbsentee bids are only available on our virtual live auctions. They are also called commission bids and may be placed by filling out and submitting an absentee bidding form. You can find the absentee bidding form on the ‘Buy’ page under ‘Bidding and Bidding Increments’.
BidThe amount that a prospective buyer is willing to pay for the lot.
Bought-InThe lot went unsold.
Condition ReportStrauss & Co provides condition reports on all lots that are on auction. The condition report reflects the condition of the item and is downloadable under each lot.
Hammer PriceThe auctioneer will lower their hammer on the final bid for a lot which will determine the selling price. Please note, the hammer price does not include the buyer’s premium.
ProvenanceAn integral part in establishing the chain of ownership from creation to auction. Provenance can significantly impact the value of the lot.
ReserveThe reserve price is an agreed upon selling price that is lower than or equal to the low estimate. This allows the sale of a lot should it not reach its low estimate during an auction. The reserve price is confidential and is not visible to the public.
Telephone BiddingTelephone bidding is only available for virtual live auctions. Some clients prefer to have a Strauss & Co staff member call and represent them when their lot comes up during an auction. To fill out a telephone bidding form please download the absentee bid form which is available under the ‘Buy’ tab on our website.