The term "sold" marks the end of the auction and the transfer of ownership of the item to the highest bidder. If the lot does not sell, it is said to be "taken back."
Invoice issued to the buyer by the auction house. The invoice details the item's characteristics (description, period, condition), its catalog references, the hammer price, and the amount of the fees. It constitutes the payment and ownership document, useful for a subsequent transaction or for insuring the item.
A printed book listing the lots presented for sale, in the order in which they were sold. Lots are described, valued, and some are illustrated. The catalogs are also available electronically at drouot.com.
A voluntary assistant to the auctioneer, he prepares the sale, provides information and takes purchase orders during the exhibition; he sometimes presents the lots during the sale.
The digital clerk transmits the bids made live from the internet platform to the auctioneer.
The auctioneer assists the auctioneer during the sale; he circulates among the audience and "calls out" the bids placed. He receives from the buyer his identity and the means of payment, in exchange for the lot or the label allowing its collection.
Right granted to the State by law to acquire, through its national museums, an object at public auction, replacing the highest bidder. Coming into effect once the auction has been announced, the right of pre-emption is exercised on the proposal of the Ministry of Culture, for works of art that it deems useful to preserve in the national heritage.
An offer of a sum higher than the starting price or previous offers during a sale. The successful bidder is the last bidder to have made the highest bid. The auctioneer, if he notices simultaneous bids at the time the hammer falls, is authorized to immediately put the lot in question back up for sale.
Determination of the value of an item following an appraisal in the form of a price range. It corresponds to the amount that the auctioneer believes the lot should reach at public auction.
He carries out appraisals of goods consisting of identifying them for evaluation. He assists the auction house for goods requiring particular expertise or when he is a specialist in the work of an artist.
It is the fact that a buyer has acquired a property that he is unable to pay for. The property can then be put back on sale, with the unsuspecting bidder having to pay any difference between the price he had purchased and the price finally obtained when it was put back on sale.
The works and miscellaneous objects are described in the auction catalogue. Bidders are advised to pay close attention to these descriptions and to refer to the auction house's specific sales conditions.
The use of the term " Attributed to » followed by an artist's name indicates that the work or object was executed during the production period of the artist mentioned and that presumptions designate the latter as the likely author, but does not guarantee that the work is by the hand of the artist. It is perfectly accepted by the jurisprudence of the Courts in Belgium and used in almost all countries by auction houses. (The mention "Attributed to" is notably provided for in the law of March 3, 1981 in France Decree n°81-255 of March 3, 1981).
The mention "After" clearly indicates that the work or object was executed from the work of an artist and cannot therefore be formally attributed to them, and is guaranteed by the auction house.
The law allows auction houses to sell goods outside of a public auction.
List of appraisals of a set of movable property, most often accompanied by their valuations. It is carried out when preparing an insurance contract, a marriage, a division, an inheritance, etc.
Live broadcast and participation in a physical auction.
Starting point for bidding, most often lower than the low estimate.
Exclusively virtual sale, offering works of art and collectibles over a specific period.
Mandate given by a client to the auction house to purchase on their behalf under the best conditions, if they cannot attend the sale. A form must be completed for this purpose.
Confidential and set between the seller and the auctioneer, this is the amount below which the item cannot be sold. It cannot be higher than the low estimate communicated to the public. During the sale, the starting price may be lower than the reserve price; in this case, the auctioneer is authorized to bid on behalf of the seller up to the reserve price.
List of goods sold, in the order in which they were auctioned, and including, in addition to their summary description and price, the names and addresses of the sellers and buyers. It also includes information given before or during the sale, including any corrections made to the catalog. The minutes thus record the transfer of ownership of each lot and remain the principal means of proof in the event of a claim or dispute.
Condition report provided upon request to auctioneers at court and voluntary auctions. The condition report describes the precise condition of an item. The items sold at auction are not new, but pre-owned. Therefore, bidders are always advised to request a condition report.
Sale prescribed by law or by court decision and falls within the jurisdiction of Notaries or Bailiffs and Public Officers.
A sales process in which a seller entrusts an auctioneer with the task of selling their property to a buyer, designated at the end of a process of direct confrontation of offers called an auction. The sale is concluded in favor of the buyer who made the highest bid at the price of the auction. The award by the auctioneer constitutes the sale.