Auction glossary
Consignment
Also known as · Consignment for sale
- Definition
- The act of entrusting objects to an auction house to be sold on the owner's behalf and, by extension, the group of lots entrusted by one consignor under the same terms. The consignor remains the owner until the sale.
A consignment is usually documented by a receipt listing the objects, the agreed commission and fees, and any reserves. It may be delivered in one go or in several batches, and its lots can be spread over several sales. Every later step (cataloguing, results, settlement) refers back to it, which is why it must be tracked accurately. Our article From consignment to invoice follows the whole chain.
In Selloff, a consignment groups one or more receipts and carries the sales terms used to calculate the consignor's statement.
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