Hammer Price
The winning bid for a lot at an auction. It is the price upon which the auctioneer's hammer falls.
Understanding the Difference
New collectors often confuse the "Hammer Price" with the final price they pay.
- Hammer Price: The amount bid.
- Buyer's Premium: An additional fee (often 20-30%) charged by the auction house on top of the hammer price.
- Total/Final Price: Hammer Price + Buyer's Premium + Taxes/Droit de Suite.
Why It Matters for Collectors
When budgeting for an auction, you must calculate the real cost. If your budget is $10,000, you cannot bid up to $10,000. You likely need to stop bidding around $7,500 to account for the premium and taxes.
Strategic Tip
Always check the auction house's "Conditions of Sale" to know the exact premium structure before the auction begins.
Related Terms
Visual representation of Hammer Price