Auction glossary
Conditions of sale
Also known as · Terms of sale · Terms and conditions of sale
- Definition
- The terms that govern an auction: buyer's premium, bid increments, payment deadlines, collection and shipping, liability for descriptions, and the rules for absentee, telephone and online bids. Bidders accept them when registering.
Conditions of sale must be consistent with local law and with the terms of any platform on which the sale is published. They are usually printed in the catalogue and available online.
In Selloff, the buyer's premium, buyer's insurance and bid increment scheme are set per sale, and a terms of sale PDF can be attached to each catalogue.
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