Glossary
Definitions of auction, estate sale, and antiques terminology.
A
Absentee Bid
A bid placed before an auction begins, allowing a bidder to participate without being present during the live event. At Black Dog Auctions, our proxy bidding system automatically bids on your behalf up to your specified maximum.
As-Is
A condition designation indicating that an item is sold in its current state without warranties regarding condition, functionality, or completeness. Buyers should carefully review all photographs and descriptions before bidding on as-is items.
Auction House
A professional establishment that facilitates the sale of goods through competitive bidding. Black Dog Auctions is a Dublin, Georgia auction house run by a licensed auctioneer, selling estate contents — furniture, tools, antiques, collectibles, vehicles and household goods — live, on site and online for Middle Georgia since 2012.
B
Bid Increment
The minimum amount by which a new bid must exceed the current highest bid. Increments are tiered by price level: $5 for items under $100, $10 for $100–$499.99, $25 for $500–$999.99, $50 for $1,000–$4,999.99, and $100 for items $5,000 and above.
Buyer's Premium
A percentage fee added to the hammer price, paid by the winning bidder. The buyer's premium is set per auction and clearly disclosed before bidding begins. It is factored into the total cost alongside any applicable taxes and shipping.
C
Carat Weight
A unit of weight used for gemstones, where one carat equals 0.2 grams. Carat weight is one of the four Cs used to evaluate diamonds (along with cut, clarity, and color). Larger carat weights generally command higher prices, though quality factors significantly affect value.
Certificate of Authenticity
A document verifying that an item is genuine, typically issued by a qualified appraiser, gemological laboratory, or the original manufacturer. At Black Dog Auctions, certificates can be issued for selected lots whose provenance or maker has been documented.
Condition Rating
A standardized assessment of an item's physical state. Ratings range from Mint (flawless, like new) through Excellent, Good, Fair, and Poor, to As-Is (sold without condition guarantee). Each rating is clearly defined to help bidders evaluate items accurately.
Consignment
An arrangement where a client entrusts items to an auction house for sale on their behalf. At Black Dog Auctions, the consignment process includes a free initial consultation, a written agreement on reserves and commission, photography, and marketing. There are no upfront fees, and the consignor receives payment within 10–14 days of the sale.
E
Estate Jewelry
Previously owned fine jewelry, often acquired from estates, private collections, or consignors. Estate jewelry encompasses pieces from all eras and can include antique, vintage, and modern designs. These pieces often offer superior craftsmanship and unique designs no longer available at retail.
Estate Sale
The liquidation of personal property from an estate, whether due to the passing of the owner, downsizing, or other life transitions. Black Dog Auctions conducts estate auctions live on site, online, and via live stream, handling everything from initial assessment to final settlement.
F
H
Hallmark
A stamped mark on precious metals indicating purity, maker, and sometimes date and place of assay. Common hallmarks include karat stamps on gold (10K, 14K, 18K, 24K), sterling silver marks (925), and platinum marks (950). Hallmarks are essential for authenticating and valuing jewelry.
Hammer Price
The final winning bid amount at auction, before buyer's premium, taxes, and shipping are applied. This is the base price from which the buyer's total cost is calculated.
L
Live Auction
An auction conducted in real time via live video stream, where the auctioneer presents items individually and accepts bids as they happen. At Black Dog Auctions, streamed live auctions feature instant bidding, countdown timers, and live chat with the auctioneer, alongside the bidders in the room.
Lot
A single item or group of items offered as one unit in an auction. Each lot is individually cataloged with photographs, descriptions, condition notes, and a starting bid. In timed auctions, lots close sequentially at set intervals.
M
Maximum Bid
The highest amount a bidder authorizes the proxy bidding system to bid on their behalf. The system places bids in minimum increments, only going as high as necessary to maintain the lead, up to this limit. Your maximum bid is confidential.
Minimum Bid
The lowest acceptable bid for an item, typically the starting price set by the seller. The first bid must meet or exceed this amount, and all subsequent bids must exceed the current high bid by at least one increment.
N
O
P
Provenance
The documented history of ownership for an item, tracing its origins and chain of custody. Strong provenance can significantly increase the value of fine art, jewelry, watches, and collectibles by confirming authenticity and historical significance.
Proxy Bidding
An automated bidding system where you set the maximum amount you are willing to pay, and the platform bids on your behalf in the smallest allowed increments. You only pay one increment above the second-highest bidder, never more than your maximum.