GLOSSARY OF TERMS/HANDBOOK
Explanations of terms which makes a participation in our auctions easier
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GLOSSARY OF TERMS/HANDBOOK
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SELLERS COMMISSIONThe Sellers Commission or sellers fee has to be paid to the Auction House by the consignor/seller of an object.
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BUYERS COMMISSION / BUYERS PREMIUMThe Buyers Commission (buyers fee or buyers premium) is the fee the winner of an auction has to pay on top of the object’s auction price. At the moment the rates are 18% or 21% via third party (barneby’s, invalueable etc.)
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AUCTION CATALOGUEA catalogue with pictures and descriptions of objects that are in an certain auction. The Auction Catalogue can be seen online at www.auktionen.li or in printed form.
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AUCTION JOURNALThis is the Auctioneers journal where all objects, starting prices, pre orders, phone subscriptions are listed. The Auctioneer can also take notes of happenings during the auction.
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STARTING PRICEIs the price at which an object starts in an Auction. This price has nothing to do with the lowest selling limit of the object.
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BIDDERA Bidder is registered and is legitimately able to participate in bidding at our auction. Either the Bidder receives a Bidding Number at the reception of the Auction, or an online or Telephone Bidding Number.
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BIDDERS'S NUMBERThis is a number a registered and legitimate Bidder requires to take part in the auction as a Bidder.
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DELIVERER/CONSIGNORThe deliverer or Consignor is the owner of the object which will be auctioned, or the middleman who delivers an object to the auction which belongs to third party.
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DELIVERY ORDERThis is a formal agreement between the Auctioneer and the deliverer and is agreed in advance of when object is consigned for an auction.
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WINNER OF AN AUCTIONThe highest bidder of a specific lot at an auction.
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BID / ORDERPersonal, written or telephone buying order for one or more objects at an auction.
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BIDDING FORMA form where the buyer orders the Auctioneer to place bids at the auction for his chosen objects.
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CASH DESKThe place where a successful bidder pays for the object(s) for which he/she where the highest bidder at the auction. The Cash Desk is situated at the Reception of the Auction Hall.
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BUYING PRICEThis is the full amount, including the Buyers Commission and the Value Added Tax for a specific object.
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BUYERA bidder who wins an object at an auction by placing the highest bid, or a buyer who bi-laterally negotiates to purchase an object after an unsuccessful auction.
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NO BID / NO ORDERWhen an object receives neither a live bid in the hall or an online or any written orders. The Auction for this specific item has been unsuccessful but may be subject to a bi-laterally negotiated
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LAST BIDThe last bid which the Auctioneer receives for an object at an auction.
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LOTA synonym for one or more objects, listed by a Lot Number in the Auction Catalogue.
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LOT NUMBEREvery object or bundle is listed in the Auction Catalogue under a separate Lot Number.
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POST AUCTION SALESThe period immediately after an unsuccessful Auction of a specific Lot, where an object which was not sold can be purchased by way of a bi-lateral negotiation.
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AUCTIONEER'S ASSISTANTMain assistant of the Auctioneer during an Auction. The Auctioneer’s Assistant notes all Bids and observes which Bidding Number places a Bid. He is also there for calling the persons who wish to be contacted by telephone when a certain object will be auctioned.
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REGISTRATIONEvery buyer, who will take part at the Auction in the Auction Hall, has to register first at the Reception with an legally acceptable Identification Document. Potential Bidders do not have to be resident in Liechtenstein or Switzerland. At the registration the buyer has to accept the Terms and Condition of FL Pfand- & Auktionshaus Anstalt.
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RESERVE PRICEThe Reserve Price is the lowest limit a Seller who consigned the object to the Auction has set in advance.
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INCREASE RATEThese are the steps or increments an existing bid can be beaten by placing a new bid. It is typically 10% of the actual order or at a lower percentage the Auctioneer considers appropriate at the time.
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WRITTEN ORDERWritten orders are Written Bids placed by prospective buyers via letter or by email. The Auctioneer increases the bids until the highest hall bid or written bid were set.
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PHONE ORDERAn order set by a prospective bidder for the Auctioneer’s Assistant to call him when a certain object is going to be auctioned soon.
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OUTBIDTo Outbid an existing bid/order. A higher bid has been received from another bidder.
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UNDERBIDAn order for an object at an Auction which is below the starting price.
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LOWEST LIMITThe lowest price, the deliverer sets for his object. This limit is not seen at the Auction by the buyers.
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SELLERThe Consignor or Deliverer of an object for the auction.
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AUCTIONIs the event, where the delivered object are to be sold to the highest bidder.
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AUCTIONEERIs the person who leads the Auction and takes Bids for the Lots.
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PREVIEWThe period of time where prospective customers can take a look at the objects for the Auction. This takes place about 2-4 hours before the Auction starts or by individual preview appointment.
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ACCEPTANCE OF A BIDWhen the Auctioneer at the Auctions has the highest bid he counts “1, 2, 3” then the object is sold tho the highest bidder.
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ACCEPTANCE OF A BID UNDER RESERVATIONClosing of a sale between auctioneer and bidder under reservation, after the bidder has delivered an order under the exclamation price (lowest limit) which was not outbid after triple exclamation by the auctioneer. If the seller does not agree to the underorder, the bidder has either the possibility to buy the object for a possible compromise price or for the exclamation price.
What is an auction?
Auctions are for people who intend to sell one or more objects of value in the best possible way and receive the actual marketvalue for these objects. Since the auction functions like a stock market: A potential Seller and Buyer meet at a certain place, day and time and the presence of a large number of potential bidders allows the market to determine the highest possible price for an object.
Any Questions?
Contact us: +423 231 4244
FL Pfand- & Auktionshaus Anstalt
Lettstraße 5, 9490 Vaduz, Liechtenstein
