Glossary

A - F

  • Absentee Bidding
    Traditionally a method of bidding for those who cannot or do not wish to attend a live auction. Absentee bids are also called 'written' or 'commission' bids. As a digital auctioneer Hotlotz does not accept absentee bids and instead we ask our clients to use the autobid functionality in our online bidding platform if they cannot bid online in real-time.
  • Hotlotz offers all property for sale at auction and in the Hotlotz marketplace 'as is', meaning that the property is offered for sale with all existing faults and imperfections. We encourage potential buyers to visit the saleroom and inspect each item carefully before bidding or buying. We are happy to send additional photos or condition reports on request.
  • If you place a bid within five minutes of the designated closing time of a lot, the bidding period for that lot will be extended by a further five minutes. This extension will continue until a full five minutes has elapsed without another bid being placed.
  • See Auto-Extended Bidding
  • All of our auctions use the following predetermined bidding increment list. You cannot place a bid unless it meets these increments. between $0 and $400 bids rise in $20 increments, between $400 and $1,000 bids rise in $50 increments, between $1,000 and $2,000 bids rise in $100 increments, between $2,000 and $5,000 bids rise in $200 increments, between $5,000 and $10,000 bids rise in $500 increments, between $10,000 and $100,000 bids rise in $1,000 increments. After $100,000 bids rise in $5,000 increments.
  • A buyer’s premium equal to 24% of the closing bid amount will be added to the hammer price. e.g. If the closing bid amount is $100.00, you will be invoiced for $124.00. No buyer’s premium is charged on purchases in the Hotlotz Marketplace.
  • The Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) is an international agreement that ensures wildlife species are not threatened to from extinction by trade. CITES regulates international trade of CITES-listed live animals and plants, as well as their parts and derivatives, by requiring CITES permits to be obtained before consignments are allowed to leave or enter a country. Singapore has been a Party to CITES since November 1986.
  • This an online inventory of factual information about the lots being offered for sale in an auction. It might include information such as the name of the item, artist or maker, a detailed description, the year of its creation, its provenance, any exhibitions in which it has appeared or publications in which it has been documented. Hotlotz auction catalogues are usually available online approximately ten days prior to the sale date.
  • Your communication preferences record how you wish to communicate with Hotlotz. You can update them at any time simply by logging into your account and selecting 'My Preferences'.
  • Items sold in auction are usually preowned or antique. Many items are of an age or nature which precludes their being in perfect condition and you should expect general wear and tear commensurate with age and use. We strongly advise you to carefully read catalogue notes and to examine items before you bid.
  • This is a written description of the condition of an item, prepared on request by Hotlotz specialists prior to an auction. Condition reports may also include additional photography or videography. Information compiled for a condition report request is often also included as additional information in the online catalogue, for the benefit of all potential bidders. Condition reports are provided as a goodwill gesture and are our general assessment of damage and restoration. Whilst care is taken in their drafting, they are for guidance only. We will not be held responsible for oversights concerning damage or restoration.
  • If you prefer, you may enter a ‘maximum’ bid. This is the most you are willing to pay for an item. Our bidding platform will then bid intelligently for you, against any other competitors, bidding only enough for you to stay in the lead. Your maximum bid amount remains totally confidential, even Hotlotz does not know what it is.
  • The owner of an item who is transferring property to Hotlotz to act as agent on his or her behalf for sale.
  • The consignor of a lot is sometimes identified through a designation line, which appears at the beginning of a catalogue entry. The designation, which appears at the discretion of the consignor, may identify the current owner by name or through a descriptive title, such as 'Property of a Distinguished Singaporean Collector'.
  • If you sell items with Hotlotz or buy items with a total invoice amount of $20,000 SGD or more you will be asked to provide enhanced identity information, including uploading a copy of your passport or other government-issued photo ID to your Hotlotz account. This is required to keep your account safe and to enable us to stay current with Anti-Money Laundering (AML) and Know Your Customer (KYC) guidelines. All information is collected in accordance with the Personal Data Protection Act 2012.
  • We assign a low and high estimate range to each item. Estimates are based on a range of factors including our examination of the item, its provenance and condition, and recent auction records for comparable items.
  • Goods and Services Tax (GST)
    Hotlotz is registered for Goods and Services Tax or GST. GST is a broad-based consumption tax levied on nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax or VAT. Goods that are exported and international services are zero-rated. Visit Iras.gov.sg for further information about the specific GST rules that apply to the auction industry in Singapore
  • The winning bid or closing bid for a lot at auction is often called the 'hammer price' as in traditional live auctions it was confirmed when the hammer falls. In digital timed auctions is the GST inclusive price at the expiration of the sale period. It determines the sale price, but does not include the buyer's premium or any shipping fees.
  • .We charge an insurance fee of 1.5% exc. GST (1.605% inc. GST). This fee is calculated on each item as a fixed percentage of the closing bid price achieved in auction (or the fixed price if sold in the Hotlotz Marketplace) after GST paid by the buyer has been deducted. Insurance fees do not apply to items sold in ‘Home Contents’ auctions, as these items are not brought into the saleroom.
  • An auction house term for the hammer coming down in a live sale or the sale period expiring in a timed sale and ending the bidding, as in, 'The lot was knocked down at $50,000'.
  • Most consignment is accepted with no upfront fees and no unsold charges however in some cases we do charge an upfront listing fee.
  • An individual object or group of objects offered for sale at auction as a single unit.
  • Minimum Commission Fee
    We charge a minimum commission fee of $37.38 exc. GST ($40.00 inc. GST) per item, regardless of the item’s closing bid price.
  • Many traditional auction houses add on an additional fee - known as Online Commission – to lots that are sold online, rather than in-room. Hotlotz is a digital auctioneer so all our auctions are online. We we do not charge a specific fee for buying online.
  • The opening bid amount is also the item’s ‘reserve’ price. This is the lowest price that the item can be sold for in auction.
  • Every lot listed in auction and for sale in the Hotlotz Marketplace is available to view in the Hotlotz saleroom. From time-to-time we also hold special previews to showcase specific auctions. Please register for updates if you would like to receive invitations to special previews.
  • An important part of the authentication process, provenance establishes the chain of ownership back (if possible) to the date an item was created. Provenance can significantly impact the value of an object.
  • To enable complete transparency Hotlotz publishes the results of every auction we host on our website, within 24 hours of the auction closing time.
  • Sale Strategy
    We hold regular 'Home & Decor' sales and specialist sales, and also have a fixed price Hotlotz Marketplace, so we are able to ensure that each item is sold in the most appropriate way to achieve the best price. Our appraisers will discuss your items with you and then prepose a sales strategy for your consideration.
  • Hotlotz has a 3000 sqf saleroom on the ground floor of the Cendex Centre, which is located on the edge of Singapore's hip heritage neighbourhood of Tiong Bahru.. We are open 5 days-a-week and warmly welcome visitors. Check our 'Saleroom' page for directions and opening hours.
  • You will receive a saleroom receipt when you consign an item into our care. this receipt indicates the date of consignment and the Hotlotz team member who took the item in. You will find an electronic copy of your saleroom receipts when you log in to your Hotlotz account.
  • If you consign items for sale we will email you a link to your online sales contract. You need to read this and approve it before we can sell your items. It outlines the values we have placed on your item (e.g. reserves, opening bid, estimates, Marketprice price), our sale strategy and the fees that we will charge you. Once approved your sales contracts are date stamped and filed in your dashboard for future reference.
  • A commission paid by the seller to Hotlotz. Hotlotz charges an all-inclusive seller’s commission fee for the services we provide. This fee is calculated on each item as a fixed percentage of the closing bid price achieved in auction (or the fixed price if sold in the Hotlotz Marketplace), after GST paid by the buyer has been deducted. This fee includes all valuation, cataloguing, professional photography, and international marketing costs.
  • If we sell items for you we will send the proceeds of the sale, minus GST if applicable and our agreed fees, to your nominated bank account. You will be emailed a link to a Settlement Statement which will outline this payment. Settlement Statements are date stamped and filed in your online account for future reference.
  • Lots in our auctions all close in sequence in intervals of one minute, starting at the published end time of the auction. e.g. If the published end time of the auction is 6pm, Lot 1 will close at 6pm, however Lot 75 would close seventy five minutes later at 7.15pm.
  • Traditionally a method of bidding for those who cannot or do not wish to attend a live auction. As a digital auctioneer Hotlotz does not accept telephone bids and instead we ask our clients to use the autobid functionality on the Hotlotz online bidding platform if they cannot bid in real-time.
  • This is the person who left the second-highest bid on a lot in an auction.
  • Create watchlists of auction and marketplace items simply by clicking the heart icon. You can review your watchlists at any time by logging in into your account.
  • We charge a withdrawal fee of $56.07 exc. GST ($60.00 inc. GST) per item, If you ask us to withdraw an item after you have signed your sales contract.

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