| Absentee Bids | An absentee bid, also known as a commission bid, is a bid left by a client before the auction and will be executed by Strauss & Co on behalf of the client, only when necessary, in response to any other bids placed on the lot. Absentee bids are available for both Live Virtual and Online-only sales. You can place an absentee bid by pressing the Bid button on a lot and entering your maximum bid amount. |
| Bid | The amount that a prospective buyer is willing to pay for the lot. |
| Bidding Increment | The amount that the bidding is increased by, generally in increments of 10%, rounded up to the nearest round number at the discretion of the auctioneer |
| Bought-In | The lot did not sell at auction because the reserve was not met and remains the property of the seller. |
| Buyer’s Premium | The percentage based on the hammer price (in addition to VAT) payable by the buyer on each lot |
| Condition Report | Strauss & 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 from the Strauss & Co website. |
| Daggered lot (†) | When an item is imported, Customs Duties are payable on the hammer price, and VAT is payable on both the buyer’s premium and seller’s commission. For local transactions, no Customs Duties are applicable. Lots are daggered when they are imported into South Africa for the purpose of the sale or when they originate from VAT registered sellers. |
| Estimate | The price range in which a lot is expected to sell, based on previous auction results. An estimate is not a limit, a lot can sell for more than its high estimate. |
| Fair warning | A term used by the auctioneer in Live Virtual auctions to indicate that the lot is about to close allowing bidders a last chance to participate. |
| Hammer Price | The price realised when an item is sold at auction, this will be the final bid amount. Please note, the hammer price does not include the buyer’s premium or VAT. |
| Maximum / emergency bid | A maximum or emergency bid is optional when registering for a telephone bid. Should the telephone clerk be unable to contact you during the auction, they will bid up to your specified maximum/emergency bid on your behalf, in response to any other bids placed on the lot. |
| Pass | The lot did not sell at auction because the reserve was not met and remains the property of the seller. |
| Provenance | An integral part in establishing the chain of ownership from creation to auction. Provenance can significantly impact the value of the lot. |
| Push Bid | Push bids are executed when multiple absentee bids are received on the same lot. The bid that was received first will be the bid that is accepted first. The remaining bids of the same value are “pushed” into the bidding history so that they are acknowledged even though they have not been accepted. |
| Reserve | The reserve is a confidential amount, agreed between the seller and Strauss & Co, below which a lot cannot sell. The reserve is lower than or equal to the low estimate. Please note, the reserve is not disclosed to the public. |
| Seller’s Commission | A commission paid by the consignor to Strauss & Co, which is deducted (in addition to VAT) from the hammer price. |
| Telephone Bidding | Telephone bidding allows you to bid remotely with the support of a Straus & Co staff member as your representative in the auction room. Telephone bidding is only available for Live Virtual auctions. To register for a telephone bid press the Bid button on a lot and select |
| Unsold | The lot did not sell at auction because the reserve was not met and remains the property of the seller. |
| White Glove | A sale in which every lot sells. |
