[meteorite-list] auction terminology

From: Darryl Pitt <darryl_at_meteoritecentral.com>
Date: Fri, 9 Feb 2007 18:50:31 -0500
Message-ID: <CE13ECB4-B48B-4A7B-A443-31B6BDDE9EDA_at_dof3.com>

folks,

i've got to briefly weigh-in here:

auction terms are being bandied about incorrectly, and it would be
helpful to all concerned to use the correct terminology so as to not
create further confusion:

the hammer price is what a consignment sells for---irrespective of
whether it happens to be a live, absentee or phone bid.

the hammer price is announced at the conclusion of a successful
sale---that is, when a consignment exceeds the reserve. (there are
no winning bids...there are successful bids and unsuccessful bids.)

when the media announces that a picasso sold for $12,000,000 (or when
bonhams or chait provides meteorite sales figures) the amount quoted
is the sum of the hammer price and buyer's commission, in effect,
what the buyer ultimately has to pay.

absentee bids are typically logged in advance of a sale (auction)
such that an accurate hammer price of any given lot can be announced
before continuing to the next lot.

having said the previous....running a smooth, transparent auction is
a very large undertaking and mistakes are made---even by the largest
auction houses.


all best / darryl









auction


On Feb 9, 2007, at 6:00 PM, Michael L Blood wrote:

> To All List Members,
> Please be advised of the following note I received from a
> fellow
> list member who attended Al's auction:
> --
>
>> $1525 was not the hammer price, just that highest amount bid live.
>> There were numerous absentee bidders with higher bids. Al was
>> going to sort those out after the auction.
>>
> --
> I would like to encourage all list members to immediately
> stop forming judgments about Al's auction and allow him time to get
> home and sort everything out and communicate with the people
> involved directly.
> If those involved do not then feel they were treated
> fairly, then
> they can make a big brew-ha-ha out of it. Until then, as Geoff pointed
> out, it make better sense to extend Al the benefit of the doubt.
> In keeping with this theme, assuming this new information I
> was given is accurate (and I have no reason to believe it isn't)
> readers
> should logically recognize that reported sales prices are NOT BEING
> ACCURATELY REPORTED.
> Best wishes, Michael
>
>
>
>
>
>
>
>
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>

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Received on Fri 09 Feb 2007 06:50:31 PM PST