# Hammer price

> 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.

- URL: https://www.selloff.auction/glossary/hammer-price
- Language: English
- Also known as: Knock-down price, Hammer
- Last updated: 2026-10-07
- Français: https://www.selloff.auction/fr/glossaire/prix-d-adjudication.md

## 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](https://www.selloff.auction/glossary/buyers-premium.md) and any applicable VAT or fees; the consignor receives the hammer price minus the [seller's commission](https://www.selloff.auction/glossary/sellers-commission.md) 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.

## Related features

- [Absentee & phone bids](https://www.selloff.auction/features/bid-recording.md): Record absentee, phone and OR bids in the book, check them against your bid increments, confirm them to clients by email and print the bid book for the room.
- [Live auctions & online bidding](https://www.selloff.auction/features/live-auctions.md): Run the room from the auctioneer's console and take live online bids through Selloff Live Auction, with every hammer price recorded in Selloff.
- [Automatic invoicing](https://www.selloff.auction/features/automatic-invoicing.md): Create buyer invoices and consignor statements from recorded sales in a few clicks, with premium, insurance, fees, shipping and VAT calculated automatically.

## Related terms

- [Knock-down](https://www.selloff.auction/glossary/knock-down.md): The moment the auctioneer brings down the hammer and declares a lot sold to the highest bidder. In most legal systems, the knock-down concludes the contract of sale at the hammer price.
- [Buyer's premium](https://www.selloff.auction/glossary/buyers-premium.md): A charge, usually a percentage of the hammer price, that the buyer pays to the auction house on top of the hammer price. The rate is published in the conditions of sale and can differ from one sale to another.
- [Reserve price](https://www.selloff.auction/glossary/reserve-price.md): The confidential minimum price agreed between the consignor and the auction house, below which a lot will not be sold. If bidding does not reach the reserve, the lot is unsold (bought in).
- [Consignor settlement statement](https://www.selloff.auction/glossary/consignor-settlement.md): The statement sent to a consignor after the sale showing each lot's result, the hammer prices, the deductions (seller's commission, fees, insurance) and the net amount payable.