Glossary of Terms

A - F

Absentee bidding

Absentee bids, traditionally known as 'written' or 'commission' bids, are used by individuals unable or unwilling to participate in a live auction. Hotlotz, as a digital auctioneer, does not facilitate absentee bids. Instead, we encourage bidders to utilize the 'maximum bid' feature available on our online bidding platform if real-time online bidding is not feasible.
As is

All items sold by Hotlotz, whether at auction or in our marketplace, are offered "as is," meaning they come with all existing faults and imperfections. We strongly recommend that prospective buyers visit our saleroom to carefully inspect each item before making a bid or purchase. Upon request, we are pleased to provide additional photos or condition reports.
Auto-extended bidding

Should a bid be submitted within the last five minutes of a lot's scheduled closing time in an auction, the bidding window for that particular lot will be extended by an additional five minutes. This process will persist until a continuous five-minute interval has passed without any subsequent bids.
Bidding increments

Our auctions operate on a predetermined bidding increment system. Bids must adhere to these increments, and the platform will guide you accordingly: Up to $400: Bids increase by $20. Between $400 and $1,000: Bids increase by $50. Between $1,000 and $2,000: Bids increase by $100. Between $2,000 and $5,000: Bids increase by $200. Between $5,000 and $10,000: Bids increase by $500. Between $10,000 and $100,000: Bids increase by $1,000. Over $100,000: Bids increase by $5,000.
Buyer's premium

For items purchased at auction, a buyer's premium of 30% (inclusive of GST) is added to the successful closing bid amount. For example, a $100.00 hammer price would result in an invoice of $130.00. This premium does not apply to fixed-price purchases made in the Hotlotz Marketplace.
CITES

The Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) is an international agreement established to prevent the extinction of wildlife species due to trade. Since November 1986, Singapore has been a Party to CITES. CITES regulates the international trade of live animals and plants, as well as their parts and derivatives, that are listed under the convention. This regulation requires CITES permits for consignments to enter or leave a country.
Catalogue

Our online auction catalogues provide a comprehensive inventory of photographs and information for each lot. This includes details such as the item's name, artist or maker, a detailed description, measurements or weight, year of creation, condition, provenance, and any exhibitions or publications where it has been featured. Hotlotz auction catalogues are typically published online about ten days before the sale date.
Closing bid

The hammer price is the final, winning bid for an auction lot. In traditional live auctions, this is confirmed by the fall of the hammer or gavel. In timed auctions, it is the winning bid at the close of the sale period for that lot. This price includes any applicable GST in Singapore, as mandated by price display regulations, but it does not include the mandatory buyer's premium or any requested shipping fees, which are additional charges for the buyer.
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.