AUCTION HOUSES EXAM WITH CORRECT QUESTIONS AND ANSWERS 2023/24

AUCTION HOUSES EXAM WITH CORRECT QUESTIONS AND ANSWERS 1. In what market do auction houses mainly operate the primary or the secondary? -ANS - secondary market 3 D's - death - debt - divorce 2. What is a lot? -ANS - an object or group of objects for sale as one unit for auction - Listed and numbered in lots 3. What is an estimated price? -ANS - For each lot there is an estimated price, that is estimated by the auction house before the sale - Low & High - Printed in catalogue 4. What is a minimum bid? -ANS - also called 'Opening Bid' - they start at an opening bid for example they can start it at 3000$ - known to buyers 5. Who decides on the bid increment? -ANS - Amount by which a bid is raised each time the current bid is outdone - "Chandelier bidding" at the start of the bidding auctioneer is taking bids left and right... but nobody is raising their hand, auctioneer is pointing his hand at the chandeli