Glossary
Words you will meet at auction.
- GENERAL
- Common meaning across the auction and collecting world. Individual houses may define terms slightly differently.
- PER EVENT
- The concept is general, but the rate, rule or deadline is set in each event’s terms. Always check the specific auction.
- KEPT & RARE
- How Kept & Rare applies the term in its own consignments, subject to each written agreement.
30 of 30 terms shown.
- AttributionGENERAL
A statement connecting an object to a maker, artist, workshop, period or place. Attributions range in confidence: "by", "attributed to", "circle of", "in the style of" and "after" each claim progressively less.
An attribution is an opinion supported by evidence, not a certificate. Read the exact wording.
See alsoAuthenticationProvenanceGuide: Condition & provenance
- AuthenticationGENERAL
A specialist or third-party opinion that an object, signature or component is what it is claimed to be. It is usually based on physical examination, comparison with known examples and documentation.
Photographs alone cannot authenticate an item. Kept & Rare does not offer authentication as a service.
- Bid incrementPER EVENT
The minimum amount by which a new bid must exceed the current one. Increments typically rise as the price rises.
The schedule used for an auction is shown in its HiBid catalog.
- Catalog descriptionGENERAL
The written account of a lot: what it is, its measurements, marks, condition notes and any supporting documentation. A careful description separates what is observed from what is believed.
See alsoCondition reportAttributionGuide: Condition & provenance
- Certification numberGENERAL
The unique number printed on the label of a professionally graded card, coin or note. It is used to look up the grader’s record for that specific holder.
Record it exactly as printed. A matching database record does not by itself prove a holder has not been tampered with.
See alsoGradingHolder (slab)
- Condition reportGENERAL
A description of an object’s physical state: wear, damage, repairs, missing parts, function and anything that affects how it looks or works. It can be brief or very detailed.
Condition language is descriptive, not a guarantee. If something matters to you, ask before bidding.
- ConsignmentGENERAL
An arrangement in which an owner places items with an auction house to sell on their behalf. The owner keeps title until the sale; the terms are set in a written agreement.
See alsoConsignorWritten agreementGuide: Consignment economics
- ConsignorGENERAL
The owner, or authorized representative of the owner, who places items for sale under a consignment agreement.
See alsoConsignmentConsignor share
- EstimateGENERAL
A range an auction house may publish to indicate where it expects bidding might end. It is an opinion, not a promise, a minimum or a valuation for other purposes.
Kept & Rare does not provide estimates from an inquiry. Where an estimate is published for a lot, it applies only to that lot.
See alsoReserveHammer price
- Event termsPER EVENT
The rules for one specific auction: buyer premium, accepted payment methods, taxes, pickup or shipping arrangements and deadlines.
Event terms can differ between auctions. Read them for each event, on its overview page here and in the HiBid catalog.
See alsoBuyer premiumPickup windowGuide: First HiBid auction
- GradingGENERAL
A standardized assessment of condition, usually on a numeric or lettered scale, applied to cards, coins, notes and some other collectibles. Professional grading is performed by independent companies that encapsulate the item.
Different graders use different standards. A grade is that company’s opinion on the day; we do not assign grades.
See alsoHolder (slab)Certification numberRaw (ungraded)Guide: Condition & provenance
- HallmarkGENERAL
An official stamp on precious-metal items, applied by an assay office in some countries, indicating metal standard and often place and date. Maker’s marks and purity stamps are related but not the same.
Marks can be worn, misread or applied incorrectly. They suggest, rather than prove, metal content.
See alsoAttribution
- Hammer priceGENERAL
The winning bid for a lot when bidding closes, before buyer premium, taxes, shipping or other charges are added.
At Kept & Rare, the consignor share is calculated from hammer price.
See alsoBuyer premiumConsignor shareGuide: Consignment economics
- Holder (slab)GENERAL
The sealed plastic case in which a grading company encapsulates a card, coin or note, together with a printed label.
Cracked, scratched or altered holders should be photographed and mentioned. Do not open a holder yourself.
See alsoGradingCertification number
- InvoicePER EVENT
The bill a winning bidder receives after an auction, normally showing hammer price, buyer premium, applicable taxes and any fulfillment charges.
For Kept & Rare auctions, invoices are issued and paid through HiBid.
- LotGENERAL
A single item or group of items offered together under one number in an auction. A lot is bid on and won as a whole.
See alsoCatalog description
- Maximum bid (proxy bid)GENERAL
The highest amount you authorize a bidding platform to bid for you. The system bids on your behalf, by increments, only as far as needed to stay ahead, up to that maximum.
How proxy bidding behaves is governed by the platform. Set a maximum that already allows for premium and other charges.
See alsoBid incrementBuyer premiumGuide: First HiBid auction
- Mint markGENERAL
A small letter or symbol on a coin identifying the facility where it was struck. Its presence, absence or position can distinguish otherwise similar coins.
See alsoGrading
- PatinaGENERAL
The surface change that develops on metal, wood, leather and other materials through age, handling and environment. Collectors of many categories prefer it left undisturbed.
Cleaning or polishing removes patina permanently. When unsure, leave it alone.
See alsoRestorationCondition report
- Pickup windowPER EVENT
The dates and times during which won lots may be collected in person after an auction.
Set per event in its fulfillment details. Check it before you bid if you plan to collect.
- ProvenanceGENERAL
The documented history of an object’s ownership and location. Strong provenance is supported by records such as receipts, letters, exhibition or sale records and dated photographs.
A family story is worth recording, but it is not the same as documented provenance. Both are useful when kept distinct.
See alsoAttributionAuthenticationGuide: Condition & provenance
- Raw (ungraded)GENERAL
A card, coin or note that has not been professionally graded and encapsulated.
See alsoGradingHolder (slab)
- ReproductionGENERAL
A later copy of an object, made openly or deceptively. Reproductions may be legitimate decorative items but should never be described as the original.
See alsoAttributionAuthentication
- ReserveGENERAL
A confidential minimum price below which a lot will not be sold. If bidding does not reach the reserve, the lot is not sold.
Whether a lot has a reserve, and how that is shown, depends on the auction and agreement.
See alsoEstimateUnsold lot (passed)
- RestorationGENERAL
Work done to return an object toward an earlier appearance or function: repairs, repainting, replaced parts, re-gilding, relining and similar. It differs from conservation, which aims to stabilize.
Known restoration should always be disclosed. Undisclosed restoration is one of the most common sources of disputes.
- SettlementKEPT & RARE
The accounting and payment to a consignor after an auction. At Kept & Rare, settlement follows official auction results and cleared buyer payment, according to the written agreement.
No settlement timeline is published here; the agreement governs.
See alsoConsignor shareWritten agreementGuide: Consignment economics
- Unsold lot (passed)GENERAL
A lot that did not sell, because it received no bids or bidding did not reach the reserve. What happens next is set by the consignment agreement.
See alsoReserveWritten agreement
- Written agreementKEPT & RARE
The document setting out the terms of a consignment: which items, consignor share, any other agreed charges, handling of unsold lots and how settlement works. At Kept & Rare nothing is accepted until terms are agreed in writing.
See alsoConsignmentConsignor shareSettlementGuide: Consignment economics
Next step
Read the guides
Five practical guides put these terms in context, with checklists and next steps.