AutoKultureCollective Auction Reports
Glossary
The handful of terms that show up in every auction result, and what each one actually means.
- Estimate
- The auction house's pre-sale forecast of what a lot will likely sell for, usually given as a range (e.g. €800,000–€1,000,000). It's a guide for bidders, not a guarantee — plenty of lots sell above, below, or not at all.
- Reserve
- The confidential minimum price the seller has agreed to accept. If bidding doesn't reach it, the lot is passed — recorded as unsold — even if bids were placed. Reserves are rarely disclosed publicly, though many houses set them within or below the low estimate.
- Hammer price
- The winning bid itself — the amount at which the auctioneer's hammer falls. This is the headline number most commonly quoted, but on its own it doesn't include what the buyer actually pays in total.
- Buyer's premium
- A percentage fee the auction house adds to the hammer price, charged to the buyer on top of it. Rates vary by house and by price tier, and are set out in each auction’s conditions of sale.
- Total paid
- The hammer price plus the buyer's premium (and, where applicable, any other fees) — what the buyer actually pays. This is usually the more complete figure for comparing what a car ultimately sold for, though hammer price and total paid are sometimes reported interchangeably by sources, which is why we try to label each figure explicitly.