Bidding Guide & FAQs

What to expect at a live auction
The auction will begin at the predetermined time and will open with the auctioneer reading aloud salesroom announcements. The auctioneer will sell approximately forty lots per hour. If the auctioneer calls out “fair warning,” this is an indication that it is your final opportunity to bid on any given lot. When the auctioneer’s gavel comes down, he or she will announce the lot has either been “sold” or “passed;” if the lot has been sold, the auctioneer will also announce the paddle number of the successful bidder. The auctioneer will move numerically through the lots with little time in between each lot.
What happens if I win an item at auction?

Sotheby’s Post Sale Service team will send you an invoice and a shipping quote shortly after the auction. The final amount due will include the hammer price , the Buyer’s Premium , and any local taxes and resale royalty, if applicable. Sales tax and duties (where applicable) are charged based on the final destination of the property. For information on where Sotheby’s collects sales tax, please see the Conditions of Sale. Please note that payment is due immediately. You can pay by credit card, bank transfer or check. Payment must be sent from the buyer of record. See our Conditions of Sale for the full details.

Sotheby’s Post Sale Service team can arrange the shipping, transit insurance and convenient delivery of your purchase.

Do I have to register for every auction I want to bid on?

Yes. Auction registration is a key component to participating in any sale. Upon registration for each sale, you will receive a unique paddle number associated with your account for that specific sale. A paddle number is required for bidding.

What is the difference between the Starting Bid and the Estimate range seen on the items for auction?

Each lot is given a low and high estimate, indicating the range in which the lot might sell at auction. Estimates are based on the examination of an item and, when possible, recent auction records of comparable pieces.

The Starting Bid is an indication of the minimum bid amount that can be bid on the eBay platform. The auctioneer may not start the bidding at this figure during the live auction, and may start it higher or lower. The Starting Bid figure may be at or below the reserve price and therefore it is not an indication that placing a bid at this amount will allow you to secure a lot. The search page will display the Starting Bid only, but to see the auction estimates you should click through to the lot detail page.

Why must I register at least 24 hours prior to the first time I wish to participate in a sale?

The 24 hour window required allows Sotheby’s to complete your registration in advance of the auction.

Please allow adequate time for Sotheby’s to ensure your account is properly set-up.

How do I arrange shipping of my item?
Sotheby’s Post Sale Services will provide you with a shipping quote shortly after the conclusion of the auction. Our team can arrange specialized and insured shipping and convenient delivery of your property. We offer competitive rates whether shipping a single picture, a diamond bracelet or a large piece of furniture. Simply provide us with your delivery address when you register for a sale. Following your purchase, we will send you a comprehensive shipping quote from our fine arts shipping vendor.
Can I pick up my purchase myself?
Successful purchasers can collect their property in person at Sotheby’s New York pending confirmation of final payment. Please note that a government issued, non-expired, photo ID is necessary for pick-up. Sotheby’s is located at 1334 York Avenue at the corner of 72nd Street in Manhattan.
Can I pay for my purchase with a credit card?
Sotheby’s accepts payment by credit card for Visa, MasterCard, and American Express only. Credit card payments may not exceed $50,000 per sale, and a convenience fee of $250 will apply for payment of $5,000 and more when the card is not present for the transaction. Payment by credit card may be made (a) online at https://www. sothebys.com/en/Invoice-payment.html (subject to the convenience fee previously described) or (b) in person at Sotheby’s premises at the address noted in the catalogue.
How can I obtain a shipping quote?
Successful purchasers will automatically receive a comprehensive shipping quote from Sotheby’s Post Sale Services team. The quote will be sent by email following the end of the auction.
What are the Sotheby’s Buyer’s Premium rates? (NEW YORK SALES)
  • 25% Buyer’s Premium rate payable on the hammer price up to and including $300,000
  • 20% Buyer’s Premium Rate payable on the portion of the hammer price in excess of $300,000 up to and including $3,000,000
  • 12.9% Buyer’s Premium payable on the portion of the hammer price in excess of $3,000,000
Glossary

There are some standard words and phrases that you will hear or see at almost every auction:

Advance Bid

A method of bidding for those who cannot or do not wish to participate in the live auction online through the Sotheby’s on eBay platform, as it is happening in the salesroom. Advance bids may only be placed through eBay.com and need to be placed in advance of the start of the auction. Advance bids will be executed by eBay on your behalf as live bids during the live auction.

As Is

Sotheby’s offers all property for sale at auction “as is,” meaning that the property is sold with all existing faults and imperfections. We encourage potential buyers to inspect each item carefully before bidding. Please see paragraph 1 of the Conditions of Sale for a full description of the term “as is.”

Auctioneer
A trained professional who presides over the auction, initiating the sale of a lot by describing the item and starting the bidding. Once the first bid is made, others may offer higher bids. Bidders may be present in the salesroom, on the phone or online. Auctioneers also place bids on behalf of absentee bidders and finally determine when the highest bid has been made. If a work sells, the auctioneer announces, “sold.” If the item does not meet its reserve or there are no bidders, the auctioneer signifies this by announcing that the lot has “passed” or “bought in.”
Bid
The amount a prospective buyer signals to the auctioneer he/she would pay to buy the lot during the auction. The bid amount does not include the Buyer’s Premium.
Bid Increment

The amount by which the auctioneer increases the bidding. In general, the auctioneer will request bids of about 10% higher than the previous bid. For instance, if the bidding opens at $5000, subsequent bids of $5500, $6000, $6500, etc. would follow. The figure is generally rounded up or down at the auctioneer’s discretion.

Bought-In
If there are no bids on a lot, or if bidding does not reach the reserve price, the lot is “bought in,” meaning it is left unsold and in most cases remains the property of the seller.
Buyer’s Premium
The rate payable by the buyer to Sotheby’s calculated as a percentage of a lot’s hammer price.
Conditions of Sale
The terms under which Sotheby’s and the consignor agree to sell a lot to the purchaser. It is important to read the Conditions of Sale carefully before bidding as these conditions constitute the contract with the successful bidder.
Consignor
The seller who has engaged Sotheby’s to act as agent on his/her behalf for a sale.
Designation
The consignor of a lot is sometimes identified through a designation line, which appears at the beginning of a catalogue entry. The designation, which appears at the discretion of the consignor, may identify the current owner by name or through a descriptive title, such as “Property of a Distinguished European Collector.”
Estimate
Each lot in the catalogue is given a low and high estimate, indicating to a prospective buyer a range in which the lot might sell at auction. When possible, the estimate is based on previous auction records of comparable pieces. The estimates are determined several months before a sale and are therefore subject to change upon further research of the property, or due to recent market conditions or currency fluctuations. Estimates should not be relied upon as a representation or prediction of actual selling prices.
Exhibition History
A listing of many of the museum or gallery exhibitions in which a given lot has appeared.
Guaranteed Property
For some lots, the seller has been guaranteed a minimum price from one auction or a series of auctions. This guarantee may be provided by Sotheby’s, by a third party or jointly by Sotheby’s and a third party. Sotheby’s and any third parties providing a guarantee jointly with Sotheby’s benefit financially if a guaranteed lot is sold successfully and may incur a loss if the sale is not successful. Guaranteed lots are designated with the symbol Guaranteed Property symbol .
Hammer Price
The winning bid for a lot at auction. It is the price upon which the auctioneer’s hammer falls, determining the sale price, but does not include the Buyer’s Premium.
Lot
An individual object or group of objects offered for sale at auction as a single unit.
Lot Number
A number unique to each individual object or group of objects offered for sale at auction. This number will also define the order in which the item will be appear in the Live Auction.
Lot Symbols
A symbol found in the catalogue that indicates special information about the lot. Please see the Symbol Key in the catalogue for definitions of the symbols.
Paddle
A number assigned to a bidder when he or she registers at the auction. If you win the auction, your paddle number is recorded.
Passed
If there are no bids on a lot, or if bidding does not reach the reserve price, the lot is “passed,” meaning it is left unsold and in most cases remains the property of the seller.
Pre-sale
Exhibition With specialists on-hand to assist clients, Sotheby’s places every lot from its sales on public display in the days before an auction. Exhibitions are free and open to the public and generally close at 1 pm the day before the auction.
Provenance
In certain circumstances, Sotheby’s may print in the catalogue the history of ownership of a work of art if such information contributes to scholarship or is otherwise well known and assists in distinguishing the work of art. However, the identity of the seller or previous owners may not be disclosed for a variety of reasons. For example, such information may be excluded to accommodate a seller’s request for confidentiality or because the identity of prior owners is unknown given the age of the work of art.
Reserve or Reserve Price
The reserve price is the confidential minimum price at which a lot will be sold. Reserves must be set at or below the low estimate, and if bidding fails to reach the reserve, the property will not be sold.
Sale Number
Every auction at Sotheby’s is given a unique number to distinguish it from previous and subsequent sales of similar properties. The initial letter of the sale number stands for the auction location: “N” stands for New York, etc. The sale number appears in every e-catalogue and on the cover of print catalogues, among other places.
Salesroom Notice
Salesroom notices amend the catalogue description of a lot after our catalogue has gone to press. They are posted in the viewing galleries and salesroom, online in the bidding console with the lots and are announced by the auctioneer.
Terms of Guarantee
The guarantee of authorship, period, culture or origin of the lot provided by Sotheby’s. For a full statement of the extent of this guarantee, please refer to the full text of Sotheby’s Terms of Guarantee.