Auction House Terminology

Absentee bid: Any bid placed by a registered user before the start of an auction event. Bidders are allowed
to place absentee bids for an auction until the start of the sale. When the actual auction takes place, the
winning Internet bids are communicated to the auction house. Find out how absentee bidding works.

Administrative contact: The person responsible at the auction house for responding to all your
administrative questions related to an auction—registration, lot preview information, shipping, schedule
clarification, etc. You can find information on the administrative contact on the catalog overview page of any
upcoming auction.

Ask Price: Price asked by the auctioneer from the bidding audience for a given lot. The amount is usually
the current price plus a pre-determined bid increment.

Auction house: Licensed commercial venue where goods or properties are sold in a format where
prospective buyers bid against one another for individual items. Each item is sold to the bidder offering the
highest price.

Bid increment: The amount by which the price of a lot is increased as potential buyers bid on it. Bid
increments usually vary by price range. For example, if the current price for a lot is $1,000, the next bid
amount may be $1,100 with a bid increment of $100. If the price is $10,000, the next bid amount may be
$11,000 with a bid increment of $1,000. Auction houses determine the bid increments as they see fit.

Bidder registration requirements: Information that must be submitted by potential bidders in order to
participate in an upcoming event. Sellers can specify what forms of identification they required from each
bidder. All Live Auctions bidders must be registered NAALive users and will usually be asked to provide a
valid credit card.

Buyer's Premium: Amount paid by the buyer to the auction house on top of the winning bid price for every
purchase made in the auction. This premium is usually a percentage of the final price of a lot. For example,
if a bidder wins a lot at $1,000 they may have to pay an additional $100 (10% of the winning bid) to the
auction house. You can find the buyer's premium percentages to be used for an upcoming auction on its
catalog overview page.

Catalog: A preview of the group of lots to be auctioned off during a live event. Oftentimes in traditional
auctions, bidders will purchase printed catalogs from the auction house. On NAALive, you can browse all
catalogs for free.

Catalog overview page: A page on the NAALive web site where all key details for an upcoming live auction
is displayed. The catalog overview page features the seller's contact information, terms and conditions of
sale, lot preview, buyer’s premium, shipping information, etc. To view the catalog overview page, go to the
the NAALive website's main page, find the auction you are interested in and click “View”.

Auction currency: Since NAALive is used widely by auction houses from all over the world, auctions can
be conducted in different currencies. The catalog currency is the currency that seller selects to use for its
particular live auction event. For instance, if an auction house chooses Euro as the auction currency, all bids
and payments to the seller must be made in Euro. Once the auction currency selection is made, all price
information such as estimate and ask price in the catalog will be presented in that particular auction
currency.

Auction currencies that we use on the site are:

• Austrian Schilling ATS

• Belgian Frac BEF
• Canadian Dollar CAD
• Swiss Franc CHF
 • Czech Koruna CZK
• German Deutsche Mark DEM
• Euro EUR
• British Pound GBP
• Hungarian Forint HUF
• Norwegian Krone NOK
• Swedish Krona SEK
• United States Dollar USD
• South Africa Rand ZAR

Estimate: Expected price for a lot set by the auction house based on previous sales of similar items.

Floor bidders: Bidders participating offline in an auction. Offline bids can take the form of absentee bids
placed in person or via fax, real time phone bids, or by a bidder physically present on the auction room floor
during an event.

Internet bidders: Bidders participating in an auction from the Internet. In other words, NAALive users who
bid online either before or during the live event.

Last call: A notice from the auctioneer that the auction is about to be closed for a particular lot and is
indicated by the “Last Call” message flashing on your bidding screen. If you are still interested in buying an
item and you see the "Last Call" sign, hurry up and bid!

Location: Area where most of the lots in a given catalog will be shipped from. You can find this information
on the catalog overview page for any upcoming auction.

Lot: Live auctions term for "item". Each lot is comprised of one or more pieces that are sold as a group
during the live event. Potential buyers bid on the lot as a whole. To view lots for an upcoming live auction,
just click on "View Lots" button from the catalog overview page.

Preview Period / Lot Preview Information: Place and time where the lots in a given catalog can be
previewed in person. If the location is close to you, you can stop by and check out the merchandise that will
be auctioned. If this option is provided by the auction house, you can find the preview information on the
catalog overview page for any upcoming auction.

Real time or Live Bid: In contrast to absentee bidding, real-time bidding refers to bids placed by Internet or
floor bidders during the live event. You do not have to be at the floor of the auction house to bid live - you
can do that right from your computer using our online live bidding technology.

Sale: Sale, event, or auction refer to the actual live event in which lots are auctioned off to the public.
Sometimes a sale can take place over several days.

Viewing: Watching the event while it is taking place without access to bidding functions. By viewing the
auction you will be able to follow the bidding activity happening both offline and online in real time without
having to sign up for the auction.

**Note: Only registered NAALive users who have signed up and have been approved to bid for an event can
bid live during the auction.