Glossary of Terms

Active Listing: This is the terminology used in reference to any lot which is currently up for auction, live on the Morgan O’Driscoll Auction site and available for bidding.

  
Absentee Bidder: A person who may not attend the sale but submits, in advance, a written or oral bid that is the top price he/she will pay for a given property.

Absentee Bid/Proxy Bid: A bid on an item that a bidder leaves without being physically present. Live Auctioneers allows a bidder to leave a bid on any item listed online by clicking “Bid Now” and entering a bid amount. All bids are kept confidential from the auctioneer and other bidders. At the time of the live auction, the bidding system will attempt to execute your bid at the lowest cost possible.

Absolute Auction: An auction at which the merchandise or property is to be sold to the highest bidder without regards to the price received. At an absolute auction, the seller is not allowed to bid, either personally or through a representative, on their own merchandise. The exception to this is a forced sale. Also known as an auction without reserve.

Accounting of Sale: A report issued to the seller by the auctioneer or an auction representative with the financial information from the auction.

Agent: A person who acts on behalf of another individual or entity.

Appraisal: The act or process of estimating value. 

Artist Resale Right (or Droit de Suite): According to the European Union’s Artist’s Resale Right Directive, which has been adopted by Ireland, living artists and artists who died within 70 years prior to the date of the sale are entitled to receive a resale royalty each time their art work is sold by an art market professional in the European Union or United Kingdom, subject to certain conditions. Morgan O’Driscoll will collect the resale royalty due to the artists or their estates from vendors of lots with a hammer price (excluding buyer’s premium and excluding VAT) in excess of €3000.  No Artist resale rights shall be paid by the purchaser, it is the responsibility of the Vendor.

"As Is": Prospective bidders are encouraged to inspect closely the property being sold prior to bidding and to determine through the inspection, to be of acceptable quality and value, separate and distinct from any representation made. The auctioneer shall not be responsible for the correct description, authenticity, genuineness of, or defect in any lots, and makes no warranty in connection therewith. As no warranty is given with any lot, therefore no sale is invalid or voidable by reason of any fault in any lot or by reason of any lot being incorrectly described (in the catalogue or otherwise), and no compensation may be paid for any such fault or error in description or any imperfection not noted. No deduction will be allowed on damaged articles as all goods being exposed for public exhibition are sold “as is, where-is” and without guarantee or recourse.

Auction: A method of selling property in a public forum through open and competitive bidding. Also referred to as: public auction, auction sale or sale. 

Auctioneer: The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. This person may or may not actually "call" or "cry" the auction. 

Auction Block: The podium or raised platform where the auctioneer stands while conducting the auction. "Placing (an item) on the auction block" means to sell something at auction.

Auction Marketing: The method of marketing assets utilizing the auction method of sale.

Auction Plan: The plan for pre-auction, auction-day and post-auction activities.

Auction Price: The price obtained through auction on particular personal or real property.

Auction Value: The value which is obtained at auction on a specific item when sold by a knowledgeable seller to a knowledgeable buyer when there are no other factor which effect the price received.

Auction With Reserve: An auction at which the seller(s) or his/her representative reserve the right to set the minimum acceptable price for an item. The minimum price may or may not be disclosed. If the last bid is below the minimum acceptable price, the sale of the item is subject to owner confirmation. The seller(s) or his/her representative reserves the right to reject any or all bids below the set price. See also Absolute Auction.

Auction Without Reserve: See Absolute Auction.

Bank Letter of Credit/Guarantee: A notarized letter from a bank or other financial institution, on their letterhead certifying that they will guarantee a check up to a specified amount at a specified sale for a specified person. This letter is often requested from prospective bidders or buyers who are wishing to pay for purchases by personal or company check.

Bid: A bid is a legally binding offer of a specific amount of money in exchange for an item which is up for auction with Morgan O’Driscoll. This term also defines "Single Bid."

Bid Agent: If a Buyer entered a "Maximum Bid," rather than a single bid for an item which is up for auction on the Morgan O’Driscoll Auction site, the system will automatically bid on the Buyer's behalf up to the maximum amount entered. 

Bid Assistants: Persons who are positioned throughout the potential bidders at the auction to help the auctioneer spot bidders and assist potential bidders with questions and information to help them in their buying decision. Also known as ringmen.

Bid Caller: The person who actually "calls," "cries" or "auctions" the bids on property at an auction, recognizes bidders and acknowledges the highest bidder. Commonly called the auctioneer.

Bid Increments: The standardized amount an item increases in price after each new bid. The auction service sets the increment, which rises according to the present high bid value of an item. 

Bid Rigging: An unlawful agreement between two or more people, not to bid against one another to deflate the auction value and to cheat the seller. Also known as collusion.

Bidder (Paddle) Number: Intending purchasers must register for a paddle before the auction. Potential purchasers should allow time for registration. We recommend registering on a viewing day. 

Bidder Package: The package of information, terms and instructions pertaining to the property to be sold at an auction event obtained by prospective bidders at a given auction.

Bidder's Choice: A method of auction where the successful bidder has the right to pick the item or items he / she wishes to purchase at the bid price per piece. Generally the merchandise is grouped in similar or like properties. Often, the merchandise left will be offered to the general bidders at the same price, on a first come, first serve basis. Any merchandise left may be re-auctioned later in the auction.

Bidding History: The bidding history shows the recent bidding activity of a specific lot.

Bidding for people unable to attend the auction in person: We are pleased to offer Absentee, Telephone and Live On-line Bidding on our website www.morganodriscoll.com 

Block Bidder: This term refers to the action of blocking a particular bidder from a single auction.

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 remains the property of the owner.

Buy: The act of purchasing an item through the Morgan O’Driscoll Auctions site.

Buyer: A member who is registered with Morgan O’Driscoll, with the ability to purchase items.
Buyer's Commission / Premium: The purchaser shall pay the hammer price together with a buyers’ premium of 20% plus VAT @ 23% (24.6% incl. VAT). For live Online Bidding through the Invaluable website, there is a further 3% service charge.

Catalogue or Brochure: A publication advertising and describing the item(s) available for sale at public auction, often including photographs, descriptions and the terms and conditions of the sale.

Cataloguing: Factual information about a lot offered for sale, such as the name of the artist or maker, a detailed description of the object, the year of its creation, its provenance (history of its ownership), major exhibitions in which it has appeared and publications in which it has been documented. This information is published in the auction catalogue, in both the print and online editions.

Caveat Emptor: A Latin term meaning "let the buyer beware." A legal maxim stating that the buyer takes the risk regarding quality or condition of the property purchased, unless protected by warranty.

Clerk: The person employed by the principal auctioneer or auction firm to record what is sold, to whom and for what price. 

Collection of Lots: In some circumstances small or portable lots may be collected during the sale on production of purchasers sale receipt. Our staff are here to help, but please remember that the smooth conduct of the sale has to be their first consideration at all times. Purchasers are requested to remove their lots from the saleroom after the sale on the Monday evening. Alternatively, items can be collected from our Dublin Office or our Head Office in West Cork by prior appointment. 

Collusion: The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value or when a fictitious buyer (shills, puffers & by-bidders) bids on behalf of the seller so as to manipulate or inflate the price of the property.

Competing bid: During a sale, the auctioneer may be accepting competing bids for an item from various sources; these include (but are not limited to):

• bids from an in-house audience
• telephone bids
• book bids
• absentee bids
• online bidding platforms

Commission: The fee charged to the seller by the auctioneer for providing services–usually a percentage of the gross selling price of the property established by contract (the listing agreement) prior to the auction

Conditions of Business: This important text describes the terms under which Mealy’s and the seller agree to sell a lot to the purchaser. It is important to read the conditions carefully before bidding.
Conditions of Sale: The legal terms set forth for an auction which includes condition of property to be sold, acceptable payment terms, buyer's premiums, possession & removal of property, absolute or reserve auction and any other terms of the sale.

Condition Report: A Condition Report is a form noting any damage / unusual characteristics pertaining to an item and the location of said damages. This form serves as a guide to help ensure a complete survey of the item, and assists in the standardization of information to help eliminate oversights on the part of the Seller.

Consignee: The auctioneer or auction house operator to whom goods are entrusted by another (consignor) for sale at auction. 

Consignor: The person or authorized agent or entity that consigns goods to an auctioneer. The consignor is usually the seller. 

Contract: An agreement between two or more persons or entities which creates or modifies a legal relationship. 

Delivery: We can recommend a number of couriers who will deliver purchases for you at a reasonable charge payable by you. This agreement is solely between the purchaser and the courier and no responsibility is held by the auctioneer. International deliveries can be arranged, please contact us for details.

Demo: A Demo is an online demonstration of a product or service to assist the user in a more thorough understanding of the product.

Due Diligence: The process of gathering information about the condition and legal status of assets to be sold.

Estate Auction: The sale of property left by a person at his/her death. An estate auction can involve the sale of personal and/or real property.

Estimate: Each lot is given a low and high estimate, representing the opinion of Morgan O’Driscoll’s experts about the range in which the lot might sell at auction. Estimates are based on the examination of an item and recent auction records of comparable pieces. Published in our online and printed catalogue, an estimate provides prospective buyers with an important preliminary guide to value and is generally the basis for establishing the reserve price.

Estimate Range: The Estimate Range is a valuation of an item for sale within a range, low to high; an approximation of monetary value. 

Exhibition History: A listing of museum or gallery exhibitions in which a given lot has appeared. Inclusion in important exhibitions may impact on the value of the object.

Expert: Another term for a Morgan O’Driscoll specialist who is an expert in specific fields of collecting and belongs to a department. Morgan O’Driscoll specialists are often scholars with distinguished careers; many of them publish extensively in their field, lecture widely, teach or curate international exhibitions.

Fair Market Value: A term frequently used by appraisers referring to their judgment and opinion about an object’s likely sale price if offered by a willing seller to a willing buyer. Since the auction process is open to all bidders, a sale at auction is considered to be a measure of Fair Market Value.

  
Fair Warning: A warning sometimes given by the auctioneer that the hammer is about to come down on a lot. The fair warning offers one last chance to increase the bidding. If there are no subsequent bids, the auctioneer’s hammer falls and the sale is completed.
   

FAQ: Frequently Asked Questions; a list of the most common questions and their responses.

Forgery: A Lot which was made with the intention of deceiving with regard to authorship, culture, source, origin, date, age or period and which is not shown to be such in the description set out in the Catalogue and the market value for which at the date of the auction was substantially less than it would have been had the Lot been in accordance with the Catalogue description. 

Gavel: Another name for the auctioneer’s hammer used to close the bidding.
     

Grading: The process for determining the physical condition of an item. Different items have different grading systems. 

Hammer Price: Price established by the last bidder and acknowledged by the auctioneer before dropping the hammer or gavel to indicate a sale is completed.

Intellectual Property (IP): IP is a term referring to a number of distinct types of legal monopolies over creations of the mind, both artistic and commercial, and the corresponding fields of law. Under IP law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; words, phrases, symbols and designs.

Knocked Down: An auction house term for the hammer coming down and ending the bidding, as in, “The lot was knocked down at €10,000.”
 
Lien: An adverse claim or charge against an item when that item is being used as collateral for a debt. 

Login Name: This is the private name for each seller or buyer that is not publicly displayed - this is the name they use to login to the site.

Lot: A lot is an item or grouping of items.

Make An Offer: The Make an Offer feature allows a buyer to bid on an item that did not sell at auction.

Markings: Markings are any kind of notation done by the artist on a work of art.

No-Sale Fee: A fee paid to the auctioneer for merchandise offered through auction with reserves when the property does not meet the minimum acceptable bid and does not sell.

On-site Auction: An auction conducted on the premises of the property being sold. 

On-site Bidder: A bidder who is physically participating at the auction venue. 

Opening Bid: The first bid offered on an item by a bidder at an auction.

Outbid: To submit a maximum bid that is higher than another buyer's maximum bid. 

Paddle: An object displaying the number assigned to a bidder when he or she registers at the auction. To place a bid, simply raise your paddle until the auctioneer acknowledges you. If you win the auction, your paddle number is recorded alongside your bid. To pay for your purchase, you will need to bring your paddle to the Payments desk.

Payment: All purchases must be paid for in EURO in full within 7 days of the sale. We accept cash, cleared personal cheques, bankers drafts and debit cards (Visa and Mastercasrd credit cards are accepted subject to a service charge of 2.0%). The auctioneers and house agents act under which we are licenced to hold public auctions, only allows for lots to be handed over to purchasers when paid for in full.   

Pass/Unsold: Terms used by the auctioneer when an item fails to reach its reserve at auction.
  

Photography: All items that go to auction are professionally photographed by Morgan O’Driscoll’s photography department, for documentary and promotional purposes. Photographs appear in our online and print catalogues, and are an important way for buyers to identify lots that they wish to acquire.

Pre-Sale Estimates: These are shown beneath each lot in the sale and they are intended merely as a guide and may be subject to change. Amounts given in foreign currencies are approximate and are for convenience only. They are subject to fluctuation. The legal amount due is always the EURO sum €. The auction shall be conducted in Euro. 

     
Pre-sale Exhibition: Generally, Morgan O’Driscoll put’s all lots from its sales on public display on the days immediately preceding an auction. Please see our Website for dates, times and locations.

Preview: Specified date and time a property is available for prospective buyer viewing and audit’s in advance of the sale. Also known as open house or inspection.

Proceeds of Sale: The net amount due to the seller being the Hammer Price of the Lot after deducting the Auctioneer's Commission along with the seller's contribution towards insurance, photography, cataloguing fee, such VAT as is chargeable and any other amounts due by the seller to the Auctioneer in whatever capacity howsoever arising. 

Provenance: Provenance is defined as the place of origin, proof of authenticity or record of previous ownership of an object.

Privacy Policy: This is Morgan O’Driscoll’s official statement on the type of information collected on a site, how the information will be used, how the person can access this data and the steps for having the data removed. It also includes information regarding systems that are in place to protect the information of website users.

Raisonné Number: A Catalogue Raisonné Number is the specific record of a particular work of art by an artist as contained within the Catalogue Raisonné. 

Registration Form or Register: The registration form (or, in the case of persons who have previously attended at auctions held by the Auctioneer and completed registration forms, the register maintained by the Auctioneer which is compiled from such registration forms) to be completed and signed by each prospective buyer or, where the Auctioneer has acknowledged that a bidder is acting as agent on behalf of a named principal, each such bidder prior to the commencement of an auction. 

    
Reserve Price: The reserve price is the lowest price which a Seller is willing to accept for an item.

Results: Results of our auctions are typically posted online within minutes after the sale. Customarily, results include the hammer price excluding the buyer’s premium.

Retract Bid: When a buyer wishes to withdraw their bid on a specific item, they will go through the bid retraction process found within the FAQ. 

Sale Order Form: The sale order form to be completed and signed by each seller prior to the commencement of an auction. 
  

Sealed Bid: A method of auction where confidential bids are submitted within a specified time and award of property is made to the highest bidder upon opening of bids.

Search: Search is a mechanism for the act of searching Morgan O’Driscoll Auctions for specified details, such as keywords or artist's names, in order to locate lots for sale that relate to the users interests.

Sell: To Sell is to exchange or deliver an item for money.

Seller: A Seller is a user who is registered on the Morgan O’Driscoll Auctions site, and is permitted to exchange goods for money, as well as to purchase items from other Sellers.

Seller’s Commission: A commission paid by the consignor to Morgan O’Driscoll, which is deducted from the hammer price.

SMS Alerts: Alerts sent via text message to your mobile device to inform you an auction is going live, an auction is finishing, etc.

Specialist: An expert in a specific field of collecting who advises on descriptions, attributions and estimates of specialised items in our sales.

Standard Auction: A standard auction is an auction format which allows sellers to list an item for sale, collect bids for a fixed length of time, and sell the item to the highest bidder.

Starting Price: The starting price is the lowest price a Seller is willing to accept for his or her item (unless a Reserve Price was specified.) Bidding will start at this price. 

        
Telephone Bidding: Many buyers prefer to bid via telephone, using a Morgan O’Driscoll representative who is present at the auction to relay bids to the auctioneer on their behalf.

Terms and Conditions: The legal terms set forth for an auction which includes condition of property to be sold, acceptable payment terms, buyer's premiums, possession & removal of property, absolute or reserve auction and any other terms of the sale. 

Tie Bids: When more than bidder bids the same amount at the same time and must be resolved by the auctioneer. Generally this is not an issue. The auctioneer scans the crowd during the bidding and acknowledges the first bidder seen.

Total Amount Due: The Hammer Price of the Lot sold, the Auctioneer's Commission due thereon, such VAT as is chargeable and any additional interest, expenses or charges due hereunder. 

Traditional Auction: An auction that is conducted in front of a live audience at a physical location where the items for sale are located.

Unregistered User: An Unregistered User is an individual who uses the site to view auctions, but is not registered to either buy or sell.

Valuation: A detailed description and current value of property prepared by Morgan O’Driscoll’s staff. Valuations, which differ from auction estimates, are used for a variety of needs, including charitable contribution, collateral loans, estate taxes, estate planning and insurance.

V.A.T. Value Added Tax.

 
VAT Regulations: All lots are sold within the auctioneers VAT margin scheme. Revenue Regulations require that the buyer’s premium must be invoiced at a rate which is inclusive of VAT. This is not recoverable by any VAT registered buyer. 

Watched Lots: Watched Lots is where specific lots which a buyer has either bid on or tagged will remain. Here, the buyer will be notified of any new changes in the bidding history.
  

Win / Won: This means that a Bidder made the high bid of an item for sale and also met the items reserve, if applicable. 

Withdrawal: Removal of property prior to bid or failure to reach the minimum acceptable or reserve price due to insufficient bidding.