Glossary

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 our clients to use the autobid functionality in our online bidding platform if they cannot bid online in real-time.
  • Hotlotz offers all property for sale at auction and in the Hotlotz marketplace 'as is', meaning that the property 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.
  • Our auctions all benefit from auto-extended bidding technology. This means that if you place a bid in the final five minutes before a lot closes, the bidding period is extended by a further five minutes. This continues until a full five minutes has elapsed without another bid being placed. Auto-extended bidding is used to stop ‘sniping’. This is a practice used by bidders on other auction websites where they rush to place bids in the last few seconds to prevent other bidders being able to respond before the auction closes.
  • The standardised bidding increments accepted in Hotlotz auctions.. The platform cannot accept alternative increments. The following increments are the minimum amounts required of an underbidder in order to top the current bid. 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.
  • See Auto-Extended Bidding
  • The amount above the hammer price that is paid as part of the total purchase price. Hotlotz charges a Buyer's Premium fee equal to 24% of the hammer price for items won in auction. Items purchased in the Hotlotz Marketplace are not subject to Buyer's Premium fees.
  • 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 to from extinction by 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.
  • This an online inventory of factual information about the lots being offered for sale in an auction. It might include information such as the name of the item, artist or maker, a detailed description, the year of its creation, 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.
  • Your communication preferences record how you wish to communicate with Hotlotz. You can update them at any time simply by logging into your account and selecting 'My Preferences'.
  • 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.
  • The owner of an item who is transferring property to Hotlotz to act as agent on his or her behalf for sale.
  • 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 Singaporean Collector'.
  • Each lot we sell in auction is given a low and high estimate, representing the opinion of Hotlotz 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 catalogues, an estimate provides prospective buyers with an important preliminary guide to value and is generally the basis for establishing the opening bid amount.
  • Hammer Price
    The winning bid for a lot at auction. It is the price upon which the auctioneer’s hammer falls or at the expiration of the sale period in a timed sale. It determines the sale price, but does not include the buyer's premium or any relevant sales taxes.
  • An auction house term for the hammer coming down in a live sale or the sale period expiring in a timed sale and ending the bidding, as in, 'The lot was knocked down at $50,000'.
  • Most consignment is accepted with no upfront fees and no unsold charges however in some cases we do charge an upfront listing fee.
  • An individual object or group of objects offered for sale at auction as a single unit.
  • Maximum Bid
    As a bidder, you can enter a max bid – the most you are willing to bid, using our set bidding increments and we do the rest. We will bid intelligently for you, bidding only enough for you to meet the reserve or stay in the lead. Your max bid stays secret in our system. We won’t share your maximum bid with the auctioneer, the seller, other bidders, or anyone else for that matter.
  • 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.
  • The opening bid is the minimum price agreed upon between the consignor and Hotlotz that the item can be sold for in auction. If a bid is received for the opening bid amount the item will be sold.
  • Every lot listed in auction and for sale in the Hotlotz Marketplace is available to view in the Hotlotz saleroom. From time-to-time we also hold special previews to showcase specific auctions. Please see our events section for dates and times.
  • An important part of the authentication process, provenance establishes the chain of ownership back (if possible) to the date an item was created. Provenance can significantly impact the value of an object.
  • Following every auction Hotlotz posts the results online. Customarily, results include the hammer price plus the buyer’s premium.
  • Sale Strategy
    We hold regular 'Home & Decor' sales and specialist sales, and also have a fixed price Hotlotz Marketplace, so we are able to ensure that each item is sold in the most appropriate way to achieve the best price. Our appraisers will discuss your items with you and then prepose a sales strategy for your consideration.
  • If you consign items for sale we will email you a link to your pending Sales Contract. You need to read through and approve. This document clearly outlines the values we have placed on your item (e.g. opening bid, estimates, Marketprice price) of your item, our sale strategy and the fees that we will charge you. Once approved your Sales Contracts are date stamped and filed in your online account for future reference.
  • A commission paid by the consignor to the auction house, which is deducted from the hammer price.
  • If we sell items for you we will send the proceeds of the sale, minus our agreed fees, to your nominated bank account. 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 account for future reference.
  • Hotlotz operates a staggered bidding system. This means all lots open for bidding at the same time but they close sequentially. In all Hotlotz auctions the first lot closes at the published end time of the auction. Each subsequent lot closes in intervals of one minute. Staggered bidding helps to mimic a live auction by creating a period of excitement and competition as each lot’s closing time approaches. It also allows bidders to focus on a single item as it closes without losing the opportunity to compete on other items. See Auto-Extended 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 our clients to use the autobid functionality on the Hotlotz online bidding platform if they cannot bid in real-time.
  • This is the person who left the second-highest bid on a lot in an auction.

Marketplace Highlights