Glossary of Terms

A - F

Absentee bidding

Traditionally a method of bidding for those who cannot or do not wish to attend a live auction. Absentee bids are also called 'written' or 'commission' bids. As a digital auctioneer Hotlotz does not accept absentee bids and instead we ask bidders to use the 'maximum bid' functionality in our online bidding platform if they cannot bid online in real-time.
As is

Hotlotz offers all items for sale at auction and in the marketplace 'as is', meaning the item is offered for sale with all existing faults and imperfections. We encourage potential buyers to visit the saleroom and inspect each item carefully before bidding or buying. We are happy to send additional photos or condition reports on request.
Auto-extended bidding

If a bid is placed in the final five minutes before a lot closes in an auction, the bidding period for the lot is extended by a further five minutes. This continues until a full five minutes has elapsed without another bid having been placed.
Bidding increments

All of our auctions use the following predetermined bidding increment list. You cannot place a bid unless it meets these increments (which the system will prompt you to do). - Between $0 and $400 bids rise in $20 increments. - Between $400 and $1,000 bids rise in $50 increments. - Between $1,000 and $2,000 bids rise in $100 increments. - Between $2,000 and $5,000 bids rise in $200 increments. - Between $5,000 and $10,000 bids rise in $500 increments. - Between $10,000 and $100,000 bids rise in $1,000 increments. - After $100,000 bids rise in $5,000 increments.
Buyer's premium

The fee paid by the buyer to Hotlotz, in addition to the closing bid amount for items bought in auction. Our buyer’s premium is 30% (inc. GST) on top of the closing bid amount. e.g. If the closing bid amount / hammer price is $100.00, you will be invoiced for $130.00. No buyer’s premium is charged on purchases in the marketplace as these are fixed price.
CITES

The Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) is an international agreement that ensures wildlife species are not threatened by extinction because of trade. CITES regulates international trade of CITES-listed live animals and plants, as well as their parts and derivatives, by requiring CITES permits to be obtained before consignments are allowed to leave or enter a country. Singapore has been a Party to CITES since November 1986.
Catalogue

This an online inventory of photographs and information about the lots being offered for sale in an auction. It might include the name of the item, artist or maker, a detailed description, measurements or weight, the year of its creation, the condition, its provenance, any exhibitions in which it has appeared or publications in which it has been documented. Hotlotz auction catalogues are usually available online approximately ten days prior to the sale date.
Closing bid

The closing bid amount for a lot at auction. In traditional live auctions it was confirmed when the hammer/gavel fell at the end of bidding. In digital timed auctions it is the closing/winning bid price at the expiration of the sale period for that lot. It does not include the buyer's premium or any shipping fees. It does include any GST, which is the responsibility of the buyer, as required under price display rules in Singapore.
Communication preferences

Your communication preferences record how you wish Hotlotz to communicate with you. You can update them at any time simply by logging into your Hotlotz account and selecting 'My Preferences'. You can also unsubscribe from any electron direct marketing by clicking unsubscribe on any such email.
Condition

Items sold in auction are usually preowned or antique. Many items are of an age or nature which precludes them being in perfect condition and you should expect general wear and tear commensurate with age and use. We strongly advise you to read catalogue notes carefully and to examine items before you bid. We do not guarantee any items or their condition.
Condition report

This is a written description of the condition of an item, prepared on request by Hotlotz specialists prior to an auction. Condition reports may also include additional photography or videography. Information compiled for a condition report request is often also included as additional information in the online catalogue, for the benefit of all potential bidders. Condition reports are provided as a goodwill gesture and are our general assessment of damage and restoration. Whilst care is taken in their drafting, they are for guidance only. We will not be held responsible for oversights concerning damage or restoration.
Consignor

The seller - the owner of the item who Hotlotz is acting as agent for when selling the item.
Designation

If the consignor has agreed to be identified, by name or through a descriptive title, such as 'Property of a Distinguished Singaporean Collector', this designation will appear in the auction catalogue.
Enhanced identity information

If you are a new client we may also ask you to provide additional identity information in your Hotlotz account to comply with our AML (anti-money laundering) and KYC (know your customer) policies.
Estimates

We assign a low and high estimate range, in consultation with the seller, based on what we expect the item might sell for. Estimates are based on a range of factors including our examination of the item, its provenance and condition, and recent auction records for comparable items. The estimate range is given for each lot.

G - L

Goods and services tax (GST)

As required in Singapore, Hotlotz is registered for GST. GST is levied on nearly all supplies of goods and services in Singapore, including items we sell (this applies to all items except those that are sold by a named seller where no GST is chargeable by Hotlotz on the item) and commission/fees. Goods that are exported and international services can be zero-rated (where GST is chargeable by Hotlotz) if certain conditions are met. Visit Iras.gov.sg for further information about the specific GST rules that apply to the auction industry in Singapore.
Insurance fee

.We charge sellers a uniform insurance fee on all sold lots of 1.7% (inc. GST). The percentage is based on the 'closing bid' price achieved in auction or the fixed 'buy now' price if sold in the marketplace.
Knocked down

An auction house term for the hammer coming down in a live sale or the sale period for a lot expiring in a timed sale and ending the bidding, as in, 'The lot was knocked down at $50,000'.
Listing fee

Most consignment is accepted with no upfront fees and no unsold charges. However, in some cases we may agree with you that we will charge an upfront listing fee.
Lot

An individual item or group of items offered for sale at auction as a single unit.

M - R

Maximum bid

If you prefer, you may enter a ‘maximum’ bid. This is the most you are willing to pay for an item. Our bidding platform will then bid intelligently for you, against any other competitors, bidding only enough for you to stay in the lead. Your maximum bid amount remains totally confidential, even Hotlotz does not know what it is.
Minimum commission

We charge a minimum seller's commission amount of $50.00 (inc. GST) per item, regardless of the item’s closing bid price or marketplace fixed price.
Online commission

Many traditional auction houses add on an additional fee - known as online commission – to lots that are sold online, rather than in-room. Hotlotz is a digital auctioneer so all our auctions are online. We we do not charge a specific fee for buying online.
Opening bid

The opening bid amount is also the item’s ‘reserve’ price. This is the lowest or minimum price that the item can be sold for in auction. The opening bid is given for each lot, until it has been reached.
Payment card service fee

A fee of 2.73%. (inc. GST) applies for card payments. No fee applies to PayNow and bank transfers.
Presale viewing

Every lot listed in auction and for sale in the marketplace is available to view in the saleroom while the auction is running (unless the auction catalogue says otherwise). From time-to-time we also hold special previews to showcase specific auctions. Please register for updates if you would like to receive invitations to special previews.
Provenance

The chain of ownership, if possible back to the date an item was created. Provenance can be important for authenticating an item and can significantly impact the value of an item.
Results

To enable complete transparency Hotlotz publishes the results of every auction we host on our website, generally within 24 hours after the auction closing time.

S - Z

Saleroom

Hotlotz has a 9000 sqf saleroom located at 28 Jalan Kilang Barat, in Bukit Merah. We are open 5 days-a-week and warmly welcome visitors. Check our 'Location' page for directions and opening hours.
Saleroom receipt

You will receive a saleroom receipt when you consign an item into our care. This receipt indicates the date of consignment and the Hotlotz team member who took the item in. You will find an electronic copy of your saleroom receipts when you log into your Hotlotz account.
Sales contract

If you consign items for sale we will email you a link to your online sales contract. You need to read this and approve it before we can sell your items. It outlines the values we have placed on your item (e.g. opening/minimum bid, estimates, marketplace price), details about the relevant auction and your instructions if the item is not sold, and the commission/fees that we will charge you. Once approved your sales contracts are date stamped and filed in your Hotlotz account dashboard for future reference.
Sales strategy

We discuss and agree with sellers the most appropriate auction for selling their items, so that they achieve the best possible price.
Seller's commission

The commission fee paid by the seller to Hotlotz for selling the item, including all valuation, cataloguing, professional photography, and international marketing costs. Our seller’s commission is a percentage based on the 'closing bid' price achieved in auction or the fixed 'buy now' price if sold in the marketplace, subject to a minimum amount of seller's commission. Please note because any GST on the item, which is the buyer's responsibility, has to be shown included in the 'closing bid' or 'buy now' price in Singapore, we remove that amount of GST before calculating the seller's commission (this applies to all items except those that are sold by a named seller where that GST is not chargeable by Hotlotz so the seller's commission is calculated on the full amount of the auction 'closing bid price' or marketplace 'buy now' price).
Settlement statement

If we sell items for you we will send to your nominated bank account the proceeds of the sale, once we have removed GST (which is the responsibility of the buyer) and our agreed commission/fees. You will be emailed a link to a settlement statement which will outline this payment. Settlement statements are date stamped and filed in your online Hotlotz account for future reference.
Staggered end times

The auction catalogue includes a date for the auction and a time when bidding will start to close. Bidding for the first lot in the catalogue is scheduled to finish at that time. Bidding for each lot then finishes in lot number order in intervals of one minute apart. For example: If the published end or close time of the auction is from 6pm, bidding for Lot 1 is scheduled to finish at 6pm, but bidding for Lot 15 would not be scheduled to finish until 6.14pm, and so on. However, a lot may be impacted by Auto-Extended Bidding.
Telephone bidding

Traditionally a method of bidding for those who cannot or do not wish to attend a live auction. As a digital auctioneer Hotlotz does not accept telephone bids and instead we ask bidders to use the 'maximum bid' functionality in our online bidding platform if they cannot bid online in real-time.
Underbidder

This is the person who left the second-highest bid on a lot in an auction.
Watchlist

Create watchlists of auction and marketplace items simply by clicking the heart icon on a lot. You can review your watchlists at any time by logging in into your Hotlotz account.
Withdrawal fee

We charge sellers a withdrawal fee of $50.00 (inc. GST) on any lot that is withdrawn from sale (at auction or in the marketplace), or listed for sale with another auction business, after a sales contract has been signed. If the item is so withdrawn or listed after the relevant auction catalogue has been published, an additional amount of 20% of the low estimate amount for the item specified in your sales contract will apply.