Auction terms explained...

Guide price (estimate)

The Guide Price, often referred to as Estimate, is the price we feel the lot is worth in the light of our market experience - not a net price or catalogue value. The higher figure represents a more "winning bid level".

Reserves

A reserve price is the minimum amount a vendor is prepared to accept for a lot. Reserves are usually around 80% of the lower estimate but can vary widely - as a general guideline they are usually around 80% of the low estimate. Reserves are not published on-line or in our catalogues, and are only available on request.

Bidding increments

Bidding increments (often referred to as bidding steps) ensure that you don't pay more than you have to. If your bid is higher than any other bid, we'll sell you the lot for just one bidding increment above the next highest bid. In the case where yours is the only bid on a lot, we'll sell it to you for the reserve. See the examples below:-

Lot 158. Guide price £200-£240 (reserve £160)
You bid £240 and there are not other bids.
You win the lot for £160 - the reserve price.

Lot 512. Guide price £180-£210 (reserve £150)
You bid £190, the next highest bid is £160.
You win the lot for £170 - one increment above the next highest bid.

Lot 247. Guide price £150-£180 (reserve £115)
You bid £105 and there are no other bids.
You don't win the lot even though there were no other bids because your bid didn't meet the reserve.

Regular bidding steps
£1-£50,  £1 steps
£51-£100,  £5 steps
£101-£200,  £10 steps
£201-£500,  £20 steps
£501-£1000,  £50 steps
£1001+,  £100 steps

Bid boosts are a percentage of your basic bid amount, which we'll add on if necessary (if your bid is being beaten or to get it to the reserve level). Bid boosts are completely optional, and are selected on the bid form next to each lot. See examples below for how bid boosts work:-

Your basic bid for a lot is £100, and you select a 30% boost (therefore, £130 max bid)
We have another bid of £110 on the lot.
We use your boost and sell you the lot for £120.

Your basic bid for a lot is £100, and you select a 30% boost (therefore, £130 max bid)
We have no other bids on the lot, the reserve is £110.
We use your boost to get your bid to the reserve level and sell you the lot for £110.

Limit bids

The Limit bids field is an option on your bid sheet enabling you to limit your total spend to a certain amount. This feature is particularly useful if you have bid on several lots and really only want one or two, but want to increase your chances of making sure you get at least something from the auction. Please note however, that the figure you enter here is the amount we will limit your bids to, and this is different from your invoice total as postage costs and a 15% buyers premium will be added.

BET = between
BLK = block (4)
CANC = cancelled
CAT = catalogue value
CDS = circular date stamp
COLLN = collection
F = fine
FDC = first day cover
INCL = including
M = mint
MARG = margin
MINT = unused with original gum & hinged
MINT NH = never hinged
M/S = miniature sheet
NHM = never hinged mint
OPT = overprint
OVPT = overprint
P = perf
PPC = picture postcard
P.STAT = postal stationary
SELN or VALS TO = selection to (not full set)
SET = complete set as listed to top value
SUP = superb
SURCH = surcharge
U = used
UNUSED = unused without gum
VALS = values
VARS = varieties
VF = very fine
WMK = watermark