Buying order : Somebody interested in an object listed in a sale he cannot attend may give a buying order to either the auctioneer or the expert with an agreed maximum bid. This will be done free of charge.
Fool bid : When a bid cannot be honoured, it is called a « fool bid ». The object will have to be put up for re-sale. If it doesn’t reach the price of the previous auction, the « mad-bidder » will have to pay the difference.
Starting price : The bidding usually starts at around 50% of the estimated value.
The reserve price : This is the minimum value agreed between the seller and the auctioneer under which the object cannot be sold. According to the law of July 10th 2000, the reserve price may not be set below the lowest valuation given to the public.
Selling and buying costs : The fees include the pick-up charge of the object, the creation and printing of the catalogue as well as the insurance. You can take information about the fees from the expert or from the auctioneer. For the buyer, the fees vary from one expert to another, and they are normally announced in the catalogue.