BUS 334 - QUIZ 2 || with Errorless Solutions 100%.
In what market do auction houses mainly operate, primary or secondary? correct answers
secondary
What is a lot? correct answers an object or group of objects for sale as one unit.
What is an estimated price? correct answers estimated by auction house before the sale. low &
high
What is a minimum bid? correct answers "opening bid". The bid that starts the auction.
Who decides on the bid increment? correct answers Auctioneer
What is chandelier bidding? correct answers "fake" bidding. Auctioneer points at chandelier with
bids.
What is a reserve price? correct answers "Floor price". Lowest price at which owner will sell art.
Is the reserve price disclosed to buyers? correct answers No, because then people won't bid over
this floor price.
What does it mean when the lot is passed or bought in? correct answers It means the reserve
price was not met and the art is not sold.
What is a hammer price? correct answers "buyout bid", "final bid", "winning bid". It's knocked
down at hammer price.
What is the amount of money that the buyer has to pay on top of the hammer price called?
correct answers Buyer's premium.
What is the amount of money that the seller has to pay as a percentage of the hammer price
called? correct answers Seller's premium.
What is the peculiarity of a Dutch auction? correct answers Descending price auction.
What is the advantage of a Dutch auction? correct answers liquidate things quickly, charity (non-
profit oriented auction house), sell things by bulk.
What is the type of auction most often used for selling art? correct answers English auction.
What is an auction without reserve price and minimum bid called? correct answers Absolute
auction.
What is an in-person bid? correct answers You were there. Pre-register with ID & bank
references, register for a paddle.
, If a buyer wants to remain anonymous, what type of bids should he/she choose? correct answers
absentee bid, telephone bid, online bidding.
What might be the unsavory side of auction houses offering guarantees? correct answers Auction
house becomes a participant instead of facilitator & makes artificial sales.
What are the two most important sources of revenue for auction houses when making a sale?
correct answers buyer's and seller's premium.
What new market are auction houses entering? correct answers brokerage.
Can you name the two most important international auction houses? correct answers Sotheby's &
Christie's
What might be some of the advantages of online auctions? correct answers lower cost and
convenient
What might be an unsavory disadvantage of online auctions? correct answers not glamorous &
authenticity.
Can you name a couple artists who have had record prices at auction houses? correct answers
Renoir, Francis Bacon, Van Gogh, Picasso, M
Can artists usually support themselves entirely through their art? correct answers No, they
usually have a second job.
Can you give an example of commercial artwork in film, TV or stage? correct answers set
design, prop construction, special effects, wardrobe, makeup.
What is art restoration? correct answers restoring a piece of art that has sustained injury or decay.
What are grants? correct answers an award or gift given by an agency to an individual
What grant is more coveted by artists: fellowship or project? correct answers fellowship.
What are the three legal steps you should do to start your business? correct answers 1. fictions
business name.
2. business license.
3. business bank account
How do you price your work? correct answers 1. recent sales.
2. comparison to similar work.
3. price of labor and materials
What can two purposes of a bill of sale be? correct answers 1. record of transaction
In what market do auction houses mainly operate, primary or secondary? correct answers
secondary
What is a lot? correct answers an object or group of objects for sale as one unit.
What is an estimated price? correct answers estimated by auction house before the sale. low &
high
What is a minimum bid? correct answers "opening bid". The bid that starts the auction.
Who decides on the bid increment? correct answers Auctioneer
What is chandelier bidding? correct answers "fake" bidding. Auctioneer points at chandelier with
bids.
What is a reserve price? correct answers "Floor price". Lowest price at which owner will sell art.
Is the reserve price disclosed to buyers? correct answers No, because then people won't bid over
this floor price.
What does it mean when the lot is passed or bought in? correct answers It means the reserve
price was not met and the art is not sold.
What is a hammer price? correct answers "buyout bid", "final bid", "winning bid". It's knocked
down at hammer price.
What is the amount of money that the buyer has to pay on top of the hammer price called?
correct answers Buyer's premium.
What is the amount of money that the seller has to pay as a percentage of the hammer price
called? correct answers Seller's premium.
What is the peculiarity of a Dutch auction? correct answers Descending price auction.
What is the advantage of a Dutch auction? correct answers liquidate things quickly, charity (non-
profit oriented auction house), sell things by bulk.
What is the type of auction most often used for selling art? correct answers English auction.
What is an auction without reserve price and minimum bid called? correct answers Absolute
auction.
What is an in-person bid? correct answers You were there. Pre-register with ID & bank
references, register for a paddle.
, If a buyer wants to remain anonymous, what type of bids should he/she choose? correct answers
absentee bid, telephone bid, online bidding.
What might be the unsavory side of auction houses offering guarantees? correct answers Auction
house becomes a participant instead of facilitator & makes artificial sales.
What are the two most important sources of revenue for auction houses when making a sale?
correct answers buyer's and seller's premium.
What new market are auction houses entering? correct answers brokerage.
Can you name the two most important international auction houses? correct answers Sotheby's &
Christie's
What might be some of the advantages of online auctions? correct answers lower cost and
convenient
What might be an unsavory disadvantage of online auctions? correct answers not glamorous &
authenticity.
Can you name a couple artists who have had record prices at auction houses? correct answers
Renoir, Francis Bacon, Van Gogh, Picasso, M
Can artists usually support themselves entirely through their art? correct answers No, they
usually have a second job.
Can you give an example of commercial artwork in film, TV or stage? correct answers set
design, prop construction, special effects, wardrobe, makeup.
What is art restoration? correct answers restoring a piece of art that has sustained injury or decay.
What are grants? correct answers an award or gift given by an agency to an individual
What grant is more coveted by artists: fellowship or project? correct answers fellowship.
What are the three legal steps you should do to start your business? correct answers 1. fictions
business name.
2. business license.
3. business bank account
How do you price your work? correct answers 1. recent sales.
2. comparison to similar work.
3. price of labor and materials
What can two purposes of a bill of sale be? correct answers 1. record of transaction
