"Cap": The maximum commission an Auction Agent invoices a client for representation at a public auction [slang].

Catalogue Number: 1. A designated number or set of numbers from a standard postage stamp or postal history reference universally identifying a philatelic item. 2. Katalog- nummer [Germany]. 3. Nombre d'Catalogue [France]. 4. Numero Catalogo [Italy]. 5. Numero de Catálogo [Spain].

Collection Lot: 1. An auction lot comprising of a mounted or unmounted country, topical, etc. collection, which normally is viewed previous to bidding. 2. Briefmarken- sammlung [Germany]. 3. Collection de Timbres-Poste [France]. 4. Collezione Francobolli [Italy]. 5. Colección de Sellos [Spain].

Competent Authority: see: Expertiser / Expertising Committee.

Condition: 1. The physical state description of a postage stamp or postal history item offered at auction. 2. Erhaltung [Germany]. 3. Condition [France]. 4. Condizione [Italy]. 5. Condición [Spain].

Conditions of Sale: The "Conditions of Sale" or "Terms of Sale" printed in an auction catalog, and which are the legal documentation binding the buyer purchasing at the auction; terms normally are subject to verbal amendment(s) at the time of the auction.

Consignor's Contract: The legal and binding signed document of agreement between the auctioneer and the owner of the philatelic properties being consigned to the auctioneer.

Crossing Off: see: Bidding Circle.

Estimated Value: The valuation of a lot based on the auctioneer's or consignor's experiences, and not sourced from any catalog or other standard pricing reference. 2. Suggested Bid. 3. Schätzpreis, Bewertung [Germany]. 4. Évaluation [France]. 5. Valutazione [Italy]. 6. Valor Estimación [Spain].

Expertised: 1. A postage stamp or postal history item which has been opinionated by a Competent Authority as being genuine, and which is accompanied by the expertiser's signature on the item, or by a signed photo certificate. 2. Geprüft, Signiert [Germany]. 3. Expertisé [France]. 4. Firmato [Italy]. 5. Periciado [Spain].

Expertizer/Expertisng Committee: 1. The mutually-agreed upon Competent Authority recognized as being qualified to certify the identification, authenticity, quality attributss and/or other status of philatelic materials purchased at auction. 2. Bundesprüfer [Germany]

Extension: The time period allowed by the auctioneer for certification of lots purchased at auction by an Expertiser / Expertising Committee.

"Fair Warning": A phrase utilized by some auctioneers to denote that a lot will hammered down momentarily; and normally used to alert bidders who may have missed a lot of possible interest.

"Fairy Tales": False entries included in published or verbal Prices Realized [slang].

Final Bid Price: see: Hammer Price.

Finders Fees: Payments from an auction house given to individuals providing means and/or arrangements for the selling of philatelic properties by the auctioneer.

Geprüft: Expertized [Germany]

"Ghost Bidder": see: "Running Up the Bidder."

Hammer Price: 1. The final bid acknowledged and accepted by the auctioneer as the winning high bid successfully purchasing the lot being offered at auction. 2. the Final Bid Price. 3. the Knockdown Price.

Auctioneer’s Terms

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