There are a few auction terms used in the catalogue and during
the auction sale that whether you are new or an auction regular, it's
worth making sure you're up to speed.
ditto lots : The catalogue, will
in places, show an item with so many ditto lots, for
100 A ladies coat in red size 14
101 - 105 are 5 ditto lots
Ditto indicates that the 5 following lots are the same as the first lot in all respects. These lots are subject to the option, see below.
similar lots : Similar lots differ from ditto lots in respect that the lots following are slightly different in a some particular way, say size. In this example the coats are still red but may vary in size.
100 A ladies coat in red
101 - 105 are 5 similar lots
These lots are also subject to the option
the option : When ditto or similar lots are sold the auctioneer is at liberty to offer the first lot giving the purchaser 'THE OPTION' of the ditto/similar lots at the same unit price as the first lot. In the above instances if the purchaser paid £10 for the first he would have the option of buying the 5 similar / ditto lots for £50 (5 x £10).
The buyer can buy any number of ditto / similar lots up to the total available, in numerical order, there is no mixing and matching of lots you want to purchase.
Before bidding proceeds on a series of ditto / similar lots any buyer can object to the option being given. The buyer should make it clear immediately after the option is given that they object.
Objecting should not be done without the reasonable expectation of the objector bidding on one of the lots in the series. It is at the auctioneers discretion whether the option is given or not.
standing on : If a buyer does not wish to take the option of the ditto/similar lots they may indicate to the auctioneer that they wish to STAND ON. This means that the buyer is willing to pay the same price as he did for the lot just purchased. Any other bidder will have to out bid that price. The person standing on can also continue bidding above his standing bid.
commercial vehicles : These are defined by HM Revenue and Customers but are essentially vehicles used for a commercial purpose such as vans, trucks and lorries, saloon cars used for driving lessons etc. It is important to note that these are subject to VAT at the standard rate.
hammer price : This is the price at which the lot is sold. This figure is then subject to VAT and Buyers Premium.
Buyers Premium : This is the amount the auction house charges the buyer as a commission, and is payable by the buyer. The fee is subject to VAT at the standard rate and is added to the hammer price.
vendor : Simply the person/organisation who is selling the item.
commission bid : A bid left by a buyer with the auctioneers, so that they may bid on his behalf also sometimes called an absentee bid.
A/F - ALL FAULTS : If the auctioneer has become aware before publication of the catalogue that an item has a fault of some description the lot is marked accordingly. We would note that this does not mean that you should not view the item nor that any of the other lots are faultless. All lots are bought as seen and it is up to the buyer to satisfy themselves and the condition of any said lot.