Glossary
Definitions of auction, jewelry, and luxury goods terminology.
A
Absentee Bid
A bid placed before an auction begins, allowing a bidder to participate without being present during the live event. At Alighieri's, our proxy bidding system automatically bids on your behalf up to your specified maximum.
As-Is
A condition designation indicating that an item is sold in its current state without warranties regarding condition, functionality, or completeness. Buyers should carefully review all photographs and descriptions before bidding on as-is items.
Auction House
A professional establishment that facilitates the sale of goods through competitive bidding. Alighieri's is a premier auction house specializing in fine jewelry, luxury watches, designer handbags, and estate pieces, with locations serving Bucks County, Pennsylvania and Coweta County, Georgia.
B
Bid Increment
The minimum amount by which a new bid must exceed the current highest bid. Increments are tiered by price level: $5 for items under $100, $10 for $100–$499.99, $25 for $500–$999.99, $50 for $1,000–$4,999.99, and $100 for items $5,000 and above.
Buyer's Premium
A percentage fee added to the hammer price, paid by the winning bidder. The buyer's premium is set per auction and clearly disclosed before bidding begins. It is factored into the total cost alongside any applicable taxes and shipping.
C
Carat Weight
A unit of weight used for gemstones, where one carat equals 0.2 grams. Carat weight is one of the four Cs used to evaluate diamonds (along with cut, clarity, and color). Larger carat weights generally command higher prices, though quality factors significantly affect value.
Certificate of Authenticity
A document verifying that an item is genuine, typically issued by a qualified appraiser, gemological laboratory, or the original manufacturer. At Alighieri's, certificates of authenticity are provided for verified luxury items including fine jewelry, designer handbags, and high-end watches.
Condition Rating
A standardized assessment of an item's physical state. Ratings range from Mint (flawless, like new) through Excellent, Good, Fair, and Poor, to As-Is (sold without condition guarantee). Each rating is clearly defined to help bidders evaluate items accurately.
Consignment
An arrangement where a client entrusts items to an auction house for sale on their behalf. At Alighieri's, the consignment process includes a free initial consultation, professional appraisal, expert photography, and marketing. There are no upfront fees, and the consignor receives payment within 10–14 days of the sale.
E
Estate Jewelry
Previously owned fine jewelry, often acquired from estates, private collections, or consignors. Estate jewelry encompasses pieces from all eras and can include antique, vintage, and modern designs. These pieces often offer superior craftsmanship and unique designs no longer available at retail.
Estate Sale
The liquidation of personal property from an estate, whether due to the passing of the owner, downsizing, or other life transitions. Alighieri's conducts estate auctions both online and via live stream, handling everything from initial assessment to final settlement.
F
H
Hallmark
A stamped mark on precious metals indicating purity, maker, and sometimes date and place of assay. Common hallmarks include karat stamps on gold (10K, 14K, 18K, 24K), sterling silver marks (925), and platinum marks (950). Hallmarks are essential for authenticating and valuing jewelry.
Hammer Price
The final winning bid amount at auction, before buyer's premium, taxes, and shipping are applied. This is the base price from which the buyer's total cost is calculated.
L
Live Auction
An auction conducted in real time via live video stream, where the auctioneer presents items individually and accepts bids as they happen. At Alighieri's, live auctions feature high-definition streaming, instant bidding, countdown timers, and live chat with the auctioneer.
Lot
A single item or group of items offered as one unit in an auction. Each lot is individually cataloged with photographs, descriptions, condition notes, and a starting bid. In timed auctions, lots close sequentially at set intervals.
M
Maximum Bid
The highest amount a bidder authorizes the proxy bidding system to bid on their behalf. The system places bids in minimum increments, only going as high as necessary to maintain the lead, up to this limit. Your maximum bid is confidential.
Minimum Bid
The lowest acceptable bid for an item, typically the starting price set by the seller. The first bid must meet or exceed this amount, and all subsequent bids must exceed the current high bid by at least one increment.
N
O
P
Provenance
The documented history of ownership for an item, tracing its origins and chain of custody. Strong provenance can significantly increase the value of fine art, jewelry, watches, and collectibles by confirming authenticity and historical significance.
Proxy Bidding
An automated bidding system where you set the maximum amount you are willing to pay, and the platform bids on your behalf in the smallest allowed increments. You only pay one increment above the second-highest bidder, never more than your maximum.