D. Glossary

D. Glossary

For your convenience, here is a guide to some of the terms you will see elsewhere on our website. Some terms that are formally defined or referenced in Auctionata’s agreements and forms are also defined below. To the extent that these definitions differ, the definitions found in the agreements or forms shall control.

Advances to Consignors – A loan Auctionata may give to the consignor once he/she delivers Property to Auctionata’s custody, with the intent that the Property be sold.

Bids by Telephone/Telephone Bids at Auction – A bid, or an offer to purchase Property at auction, placed via telephone. In order to bid telephonically, a prospective buyer must notify Auctionata in writing that he/she would like to bid by telephone during the auction. Auctionata will call the prospective buyer at the telephone number he/she provides to allow for telephonic bidding. If the prospective buyer wishes to place a bid, he/she should place it with Auctionata’s representative on the call. Telephone bidders may place repeated bids in response to other real-time bids during the auction.

Buyer’s Premium – An additional sum payable calculated based upon the Hammer Price, or the winning bid amount, that the buyer must pay at auction as stated in the Overview of Fees. This sum is paid by the buyer as compensation to Auctionata.

Conditional knockdown - A "Conditional Knockdown" lot does not constitute a supplement under section 3.6 of the general Terms and Conditions, but the sale is subject to the approval of the consignor at the hammer price within 8 (eight) days after the auction.

Consignment List – The written list identifying Property that is consigned for sale. This list is attached to the Consignment Agreement.

Estimated Value – A valuation of the items to be auctioned or sold via the Online Shop. The valuation is based on the professional opinion of Auctionata’s personnel and represents an amount of money that might be obtained during the auction assuming a sufficient number of bidders partake in the auction. Auctionata does not guarantee that the estimated value will be obtained.

Hall Bidder– A prospective buyer physically present at a live auction who places a bid.

Hammer Price– The price of Property to be paid by the winning bidder, established when the auctioneer hits the gavel or hammer on the table, concluding the bidding on a lot.

Offering Price – The price for Property listed for sale on the Online Shop, which is comprised of the following: Estimated Value, plus Buyer’s Premium. Sales tax, if applicable, is also charged.

Online Shop – A shop that Auctionata maintains on its website, which lists items for sale that can be purchased immediately at stated prices. In some cases, customers may propose a lower price as a counteroffer. The consignor reserves the right to accept or reject this counteroffer. Until an offer is accepted, the article will remain in the Online Shop.

Payment Default Interest – The interest charged when a late payment is made to Auctionata. Payments to Auctionata are due five (5) days after the purchase, unless otherwise agreed in writing.

Post-Auction Sale – A sale that occurs after the auction date, if bids for the Property were not received at or above the Reserve by the end of the auction date. If no bids for the Property are received at or above the Reserve by the end of the auction date, then Auctionata can sell the Property via the Online Shop for a period of ten (10) business days after the action date.

Protection against Loss and Damage – The portion of the Purchase Price that is charged to the buyer to cover any damage or loss during transit. Auctionata charges a flat rate of 2.5% to purchase to cover Property against any loss or damage during transit.

Purchase Price – The aggregate of the Hammer Price plus Buyer’s Premium, and applicable sales taxes.

Resale Royalty Right – A fee payable to a visual artist by the consignor on a sale of the artist’s work. The law of certain states and countries provides for this right and the obligation of sellers to pay this fee.

Reserve - Reserve indicates a minimum selling price set by the consignor.

Seller’s Commission – A portion of the sales proceeds that Auctionata receives for the rendering of services to the seller in the sale of the Property. This portion of the price is calculated as follows: (i) for Property sold at auction, the Seller’s Commission shall amount to 20% of the Hammer Price; and (ii) for Property sold via the Online Shop, the Seller’s Commission shall amount to 20% of the Offering Price.

Starting Price – The first price at which bids will be recognized for Property offered for sale at auction. The Starting Price for the Property is generally 50% of the Estimated Value. Auctionata can also set the Starting Price for any Property at more or less than 50% of the Estimated Value.

Storage Fees – A fee charged to the buyer if he/she has not made payment within ten (10) days of the due date. This fee is charged in order to store the Property until payment is made. If the buyer has not rendered payment within ten (10) days of the due date, a Storage Fee will be charged at a rate of 2% of the sales price, per lot, per month. Property which is not collected at the designated time will also be subject to this fee.

Valuation Fee – The fee charged for determining the Estimated Value of Property. If a fee is to be charged, Auctionata will notify a prospective consignor of the charges before performing the valuation.

Withdrawal Fee – The fee charged for the removal or withdrawal of items for sale or auction by the consignor, once a consignment agreement has been executed with Auctionata.

Withdrawal Order – The written notice the Consignor provides Auctionata if he/she wishes to withdraw Property prior to the beginning of the auction or prior to Auctionata’s acceptance of an offer via the Online Shop. Notice must identify the Property and its corresponding item number stated on the Consignment List.

[Written] Absentee Bids – A method that allows a prospective buyer to participate in the bidding process without being physically present. These bids are subject to a number of conditions imposed by Auctionata.

(revised March 2015)