Artnet News has published a glossary guide explaining key terms and concepts used in art auctions. The guide covers terminology such as reserve price, hammer price, buyer's premium, and bidding increments, aimed at helping newcomers navigate the auction process.
This guide matters because the art auction market can be opaque to new collectors and enthusiasts. By demystifying common auction jargon, it lowers barriers to participation and promotes greater transparency in the art market, potentially expanding the buyer base.