Auction glossary

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).