ART AUCTION GLOSSARY - Auction Specific Help Terminology  
 
Auction Coordinator:     This is a member of the artnet staff that handles all administrative tasks pertaining to a given seller, buyer or the auctions in general.
Active Listing:    This is the terminology used in reference to any lot which is currently up for auction, live on the artnet Auctions site and available for bidding or purchase.
After Sale Offer (ASO):     After the close of an auction, if the item did not sell, the Seller can make an After Sale Offer to losing bidders of the lot for their high bid.
Auction ID:    An auction ID is a unique number that is automatically generated for an item, which goes live on the artnet Auctions site, and never re-used.
Auto-Relist:    At the end of the auction, if the piece goes unsold, it will automatically go back up for auction with a new item number if a Seller chooses this option.
Bid:    A bid is a legally binding offer of a specific amount of money in exchange for an item which is up for auction on the artnet Auctions site. This term also defines "Single Bid."
Bid Agent:    If a Buyer entered a "Maximum Bid," rather than a single bid for an item which is up for auction on the artnet Auctions site, artnet will automatically bid on the Buyer's behalf up to the maximum amount entered.
Bidding History:     The bidding history shows the recent bidding activity of a specific lot.
Block Bidder:     This term refers to the action of blocking a particular bidder from a single auction or a seller's future auctions, by request of the seller.
Buy:    The act of purchasing an item through the artnet Auctions site.
Buyer:     A member who is registered with artnet Auctions, with the ability to purchase items.  
Condition Report:    A Condition Report is a form noting any damage / unusual characteristics pertaining to an item and the location of said damages. This form serves as a guide to help ensure a complete survey of the item, and assists in the standardization of information to help eliminate oversights on the part of the Seller.
Demo:     A Demo is an online demonstration of a product or service to assist the user in a more thorough understanding of the product.
Estimate Range:    The Estimate Range is a valuation of an item for sale within a range, low to high; an approximation of monetary value. 
FAQ:    Frequently Asked Questions; a list of the most common questions and their responses.
Launch Profile:    A grouping of listings set to go live in the auctions at specific dates and times.
Lot:    A lot is an item or grouping of items.
Make An Offer (MAO):    The Make An Offer feature allows a Seller to receive price-based offers from buyers, which can be accepted at the discretion of the Seller. This feature is only available for Purchase Now listings, and once a Buyer's Offer has been accepted by the Seller, the listing ends. Each offer is binding, just like a bid, and good for 48 hours. When an Offer is accepted, all remaining buyers are automatically declined by the Make an Offer system.
Markings:    Markings are any kind of notation done by the artist on a work of art.
Member Services Page:    The Member Services page is an overview of artnet’ services. It also provides users the ability to subscribe to products that they don't currently use and shows their current subscriptions.
Provenance:    Provenance is defined as the place of origin, proof of authenticity or record of previous ownership of an object.
Purchase Now (PN):     Purchase Now is a feature that allows a buyer to purchase an item immediately for a price the Seller has set. Sellers can use the Purchase Now feature in Standard Auctions or alone. 
Privacy Policy:    This is artnet's official statement on the type of information collected on a site, how the information will be used, how the person can access this data and the steps for having the data removed. It also includes information regarding systems that are in place to protect the information of website users.
Profile:     For the seller: Consists of their current inventory available for auction, information about their business, a link to contact them, and their "Feedback." For the buyer: Consists of their "Feedback," number of bid retractions, number of items purchased, and a link to contact them.
Raisonné Number:    A Catalogue Raisonné Number is the specific record of a particular work of art by an artist as contained within the Catalogue Raisonné. 
Reserve Price:    The reserve price is the lowest price which a Seller is willing to accept for an item.
Retract Bid:    When a buyer wishes to withdraw their bid on a specific item, they will go through the bid retraction process found within the FAQ. 
Screen Name:      A Screen Name is a name for the user, created so that he or she may remain anonymous.
Search:     Search is a mechanism for the act of searching artnet Auctions for specified details, such as keywords or artist's names, in order to locate lots for sale that relate to the users interests.
Sell:    To Sell is to exchange or deliver an item for money.
Seller:    A Seller is a user who is registered on the artnet Auctions site, and is permitted to exchange goods for money, as well as to purchase items from other Sellers.
Standard Auction:    A standard auction is an auction format which allows sellers to list an item for sale, collect bids for a fixed length of time, and sell the item to the highest bidder.
Starting Price:     The starting price is the lowest price a Seller is willing to accept for his or her item (unless a Reserve Price was specified.) Bidding will start at this price. 
Unregistered User:    An Unregistered User is an individual who uses the site to view auctions, but is not registered to either buy or sell
Login Name:    This is the private name for each seller or buyer that is not publicly displayed - this is the name they use to login to the site.
My Favorites/Alerts:     My Favorites/Alerts is where specific lots which a buyer has either bid on or tagged will remain. Here, the buyer will be notified of any new changes in the bidding history.
Win / Won:    This means that a Bidder made the high bid of an item for sale and also met the items reserve, if applicable. 


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