HAMMER PRICE Meaning and
Definition
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The term "hammer price" refers to the final price that is accepted or agreed upon by the auctioneer for a particular item or lot being sold at an auction. It is the highest bid offered by a buyer, and once the auctioneer's hammer falls, it signifies the completion of the sale at a specific price.
The hammer price serves as the official selling price at an auction, and it represents the total value that the winning bidder will be required to pay for the item, excluding any additional fees or commissions. This price is determined through the competitive bidding process, as interested parties submit bids until a participant makes the highest offer.
Importantly, the hammer price does not include any additional costs such as buyer's premiums or taxes, which may be added to the final price at the discretion of the auction house. It solely represents the amount that the successful bidder must pay to possess the item they have won in the auction.
The hammer price is crucial in determining the value of an item at auction, and it is often used as a reference point for future sales or appraisals. It reflects the demand and competitiveness among bidders at a specific moment in time, highlighting the perceived worth or desirability of the item being sold.
Common Misspellings for HAMMER PRICE
- gammer price
- bammer price
- nammer price
- jammer price
- uammer price
- yammer price
- hzmmer price
- hsmmer price
- hwmmer price
- hqmmer price
- hanmer price
- hakmer price
- hajmer price
- hamner price
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- hamjer price
- hammwr price
- hammsr price
- hammdr price
- hammrr price
Etymology of HAMMER PRICE
The term "hammer price" originated from the world of auctions. It refers to the final bid price at which an auctioneer's hammer comes down to signal the close of bidding on a particular item. The word "hammer" is derived from Old English "hamor", which signifies a tool used for striking or pounding. The "price" part of the term is self-explanatory, indicating the amount at which the item is sold.
