Auc­tion glos­sary

What's On (Dubai) - - CULTURE -

A few use­ful auc­tion terms so you sound the part Ham­mer price

This is the fi­nal price the art­work was sold for, made of­fi­cial by the bang of the ham­mer.

Re­serve price

This is the price that’s been pre-de­ter­mined as the low­est ac­cept­able price for that art­work (usu­ally be­low the lower es­ti­mate).

Buyer’s pre­mium

This is the cost the auc­tion house or gallery ap­plies on top of the ham­mer price when you check­out to pay. (FYI, Emergeast does not charge a buyer’s pre­mium).

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