Antiquarian Book Auctions, Part 4
In addition to knowing what titles you'd like to purchase at auction,
reading and understanding the auctioneer's descriptions of the books,
and deciding what will be your maximum bid, you'd be well served to
understand the terminology of auctions. Formed in 1949, The National Auctioneers Association (NAA) promotes the professionalism of auctioneers and auctions and has a comprehensive glossary here.
For example, if you're new to buying books at auction, you'll want to make sure you understand the difference between the hammer price and the buyer's premium. Go to their site and read it all. It only takes a few minutes and you'll have a better understanding of some of the vocabulary you'll hear when you participate in a live auction.
See you in the stacks!