# Read the conditions of sale

Lesson 1 of [Compare auction terms before you bid](https://auctionfinder.fyi/academy/compare-auction-terms-before-you-bid.md), 14 minutes.

The conditions of sale are the contract between you and the house. A directory listing is a signpost. It shows facts on a named check date. The house's own terms decide what you pay.

## Read the terms for this sale

Rates, thresholds and rules can change between sales. They can also differ between two locations of the same house. For example, the schedule that Christie's published (checked on 2026-11-04) lists its thresholds by sale site, and its wine sales use a separate schedule with no threshold. Open the conditions for the sale that you want to bid in. Do not rely on a general page alone.

## What to write down

Before you register, copy these facts from the terms into a note:

- The buyer's premium: the rate, the tiers and any minimum per lot.
- Any fixed fee per lot.
- Which taxes apply, and whether tax applies to the premium.
- What you must do to register: an account, a deposit or an approval.
- The payment deadline and the payment methods.
- The collection deadline and the shipping options.
- Any condition statement, for example that lots sell as-is.

Write down the date and the page where you found each fact. If a fact is not in the terms, ask the house in writing and keep the answer.

## A thin listing needs a question

Some listings on this directory come from OpenStreetMap data. Map data has no fee fields. A listing like that can show a name, an address and a phone number, but no premium. Treat each blank field as a question for the house.

## Sources

- AuctionFinder guide: How auction buyer's premiums work
- AuctionFinder guide: How to choose an auction house or platform
- Christie's, Buying guide: financial information (checked on 2026-11-04)
- OpenStreetMap, Copyright and license

Also on the [web page](https://auctionfinder.fyi/academy/compare-auction-terms-before-you-bid/read-the-conditions-of-sale).

> Beware of auction fraud and shill bidding: never wire money or pay by gift card to a seller you cannot verify, and walk away when a price is run up by a bidder who never buys.