Dictionary
Subject to approval
A hammer price subject to approval means in auctioneering terms that, although the hammer price of a lot (see lot, lot number) binding on the buyer has been reached, it is still subject to the approval of a third party. Usually these are hammer prices below the limit (or reserve) price which have not yet been approved by the consignor (vendor). It can also, rarely, indicate that the hammer price is conditional, depending on the results of an authenticity check or the ownership of the property at the time of sale (See Conditions of Sales).
A hammer price subject to approval means in auctioneering terms that, although the hammer price of a lot (see lot, lot number) binding on the buyer has been reached, it is still subject to the approval of a third party. Usually these are hammer prices below the limit (or reserve) price which have not yet been approved by the consignor (vendor). It can also, rarely, indicate that the hammer price is conditional, depending on the results of an authenticity check or the ownership of the property at the time of sale (See Conditions of Sales).
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