Glossary of Auction Terms
Absentee Bid: Any bid placed by a registered user before the start of the live auction event. If you are outbid prior to the start of the live auction, you will receive an e-mail notification. Successful buyers are notified by e-mail the day after the sale closes.
Asking Price: Opening price or next increment requested to place the next bid.
Bid Increment: The amount by which the price of a lot is increased as potential buyers bid on it.
Bidder Registration Requirements: Information that must be submitted by potential bidders in order to participate in the auction. This includes Name, Phone Number, Address, E-mail, and Credit Card number. In addition bidders must accept the Terms & Conditions of Sale to register.Click here to begin the Registration process.
Buyer's Premium: Amount paid by the buyer to Morrell & Company for every purchase in a live auction. This premium is a percentage of the final hammer price of a lot and will be added to the final hammer price to obtain final purchase price.
Catalogue: An online list of lots to be auctioned.
Credit Card Verification: Credit Card verification is an added step to ensure a safe environment for auction participants. All buyers are required to provide a valid Credit Card number to verify their identity before participating in a Morrell & Company Fine Wine Auction.
Estimate: A price range that reflects the opinion of our specialists of the price expected at auction, excluding premium and taxes.
Fair Warning: A warning from the auctioneer to indicate that the current lot is about to close.
Hammer: The final bid price, whether property is sold or unsold, as indicated by the bidding console or television auctioneer.
Internet Bidders: Bidders participating in an auction from a web-based connection.
Lot: Item up for auction.
Outbid: You have been outbid when another bidder places a bid higher than your maximum bid.
Proxy Bidding: Placing a maximum bid that is held in confidence by the system. The auction system will use only as much of the maximum bid as is necessary to maintain your high bid position.
Real-time Bidding: The ability to place a bid against the all other Live bidders by using the Internet Live Bidding Console or a touch-tone phone.
Registered User: A user who has registered to bid at Morrell & Company Fine Wine Auctions. You can browse lots without registering, but you cannot bid on any auction until you have registered. It only takes a few minutes to register. If you have not registered as a Morrell & Company Fine Wine Auctions user and would like do so now, please click here.
Secure Server: A special server used to process Credit Card information submitted by users. This server uses a Secure Socket Layer (encryption for the protection of our users).
User Id: The User Id is a user chosen "nickname" used to login to the Morrell & Company Fine Wine Auction system. To set up or change your User Id, click here
Paddle Number When you register a paddle number will be assigned to you, this is how you will be displayed to other bidders.
Viewing: Watching the auction on television or the Internet while it is taking place, without placing a bid.
|© Morrell & Company, All Rights Reserved 2014.
Terms & Conditions of Sale