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"Glossary of art terms" [2019] ELECD 2617; in Wilson, Martin (ed), "Art Law and the Business of Art" (Edward Elgar Publishing, 2019) xxi

Book Title: Art Law and the Business of Art

Editor(s): Wilson, Martin

Publisher: Edward Elgar Publishing

Section Title: Glossary of art terms

Number of pages: 7

Extract:

Glossary of art terms


Advance A sum of money loaned to the seller by the
auction house prior to the sale, secured
upon the lot which has been entrusted to
the auction house by the seller for sale
Aftersale A postauction private sale of a lot which
was unsold during the auction
All-in A seller's commission which has been
negotiated between the auction house
and the seller to include all costs and
expenses
Appraisal A valuation of an artwork
Art agent/Art adviser A person or business offering advisory
services to buyers or sellers of art, often
acting as intermediary or agent
Artist's resale royalty A royalty paid to the original artist on
resale of his or her artwork based on the
resale price
As is A term used to describe the fact that
works at auction are offered for sale in
whatever condition they are in at the time
of the sale. It is the buyer's responsibility
to ascertain the condition
Attribution Identifying the author of an artwork
Authenticity Certificate A written statement from the artist,
a scholar, an expert or a qualified body
attesting to the authenticity of an artwork
Autograph Work A work considered to be by a named artist
Bid The signal given to the auctioneer by a
prospective buyer indicating the amount
the bidder is prepared to pay for the lot
being offered for sale
Bid increment The amount by which the auctioneer
raises the bidding price after each bid

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