Auction glossary
Hammer price
Also known as · Knock-down price · Hammer
- Definition
- The price at which the auctioneer knocks a lot down to the winning bidder, before the buyer's premium, taxes and other charges are added. It is the basis for both the buyer's invoice and the consignor's settlement.
The hammer price is the figure the clerk records when the hammer falls. The buyer pays the hammer price plus the buyer's premium and any applicable VAT or fees; the consignor receives the hammer price minus the seller's commission and agreed charges. Because both sides of the transaction are calculated from it, the hammer price must be recorded once, and accurately.
In Selloff, hammer prices entered in the auctioneer's console, recorded on the bidder's record or imported from an online platform flow directly into buyer invoices and consignor settlements.
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