Art Market Glossary

B

• Baroque: A 17th-century movement known for its dramatic compositions, emotional intensity, and emphasis on grandeur. Famous artists: Caravaggio, Peter Paul Rubens, Gian Lorenzo Bernini.
• Bid: The amount of money a buyer offers during an auction to purchase an artwork.
• Bought In: This indicates that the highest bid for a given lot was below the reserve and the original seller maintains ownership
• Broad Media: A classification that groups artworks based on general categories of materials or techniques, such as paintings, prints, or sculptures, rather than focusing on specific materials or methods.
  • Architecture & Design: Art or method of construction of buildings and other physical structures and objects, often combining functionality with aesthetic principles
  • Decorative Art: Art focused on beautifying functional objects, including furniture, ceramics, textiles, and jewelry, blending utility with ornamentation
  • Film, Video & Digital Media: The art of capturing a series of moving images on film. The process of creating video by capturing moving images, and creating combinations and reductions of parts of this video in live production and post-production. Media that is encoded in a machine-readable format.
  • Installation Art: Three-dimensional works that often are site-specific and designed to transform the perception of a space.
  • NFT, Blockchain & New Media: Art created and distributed using digital technology, interactive platforms or emerging tools.
  • Painting: An original two-dimensional work, often intended to be hung on a wall
  • Photography: Art or process of producing images by the action of light on a sensitive surface such as film or light sensitive paper and captured by a camera.
  • Posters & Reproductions: Printed artworks or replicas of original artworks, often created for mass distribution.
  • Prints & Graphic Art: Artworks created by transferring ink or another medium onto a surface, often using techniques like etching, lithography, or screen printing, to produce multiple editions.
  • Sculpture: A three-dimensional representative or abstract form.
  • Works on Paper: Artworks created using paper as a primary medium, including drawings, prints, and watercolors.
• Buyer’s Premium: A fee added to the hammer price of an auctioned item, paid by the buyer to the auction house.

C

• Catalogue Raisonné: A comprehensive, annotated listing of all known works by an artist.
• Classical Asian Art: Art from ancient and classical periods in Asia, including China, Japan, and India, often featuring religious, nature-based, or symbolic motifs. Famous works: Tang Dynasty ceramics, Hokusai’s The Great Wave.
• Classical Realism: A 20th-century revival of traditional representational art, emphasizing skill, technique, and classical aesthetics. Famous artists: Jacob Collins, Nelson Shanks.
• Commission: A percentage of the sale price paid to an agent, dealer, or auction house for facilitating a transaction.
• Conceptual Art: A movement emphasizing ideas over physical form, often challenging traditional notions of art. Famous artists: Sol LeWitt, Joseph Kosuth, Yoko Ono.
• Condition: A description of the physical state of an artwork, including its preservation, any visible damage, or the extent of restoration. The condition is a critical factor in determining the value of a work.
• Contemporary Art: Art created by living artists, reflecting current social, cultural, and technological themes. Famous artists: Yayoi Kusama, Damien Hirst, Ai Weiwei.
• Cubism: A revolutionary early 20th-century movement that fragmented objects into geometric forms, challenging traditional perspectives. Famous artists: Pablo Picasso, Georges Braque, Juan Gris.

D

• Dada: A 20th-century avant-garde movement rejecting traditional art and celebrating absurdity, spontaneity, and anti-establishment values. Famous artists: Marcel Duchamp, Tristan Tzara, Hannah Höch.
• Digital Artwork: Art created using digital technology, including pieces minted as NFTs (non-fungible tokens).

E

• Estimate: The range of prices within which an auction house expects an artwork to sell.
• Exhibition History: A record of exhibitions where the artwork has been publicly displayed, providing important context for its significance, provenance, and exposure within the art world.
• Expressionism: An early 20th-century movement emphasizing emotional experience over physical reality, using distorted forms and bold colors to convey feelings. Famous artists: Edvard Munch, Egon Schiele, Wassily Kandinsky.

F

• Facsimile: A highly detailed and accurate reproduction of an artwork, often used for preservation or study purposes.
• Fauvism: An early 20th-century movement emphasizing bold, vibrant colors and simplified forms, often celebrating joy and spontaneity. Famous artists: Henri Matisse, André Derain, Maurice de Vlaminck.
• Fine Art: Art created primarily for aesthetic purposes rather than functional ones, often including painting, sculpture, and photography, among others.
• Futurism: A movement originating in early 20th-century Italy that celebrated speed, technology, and modernity, often depicting movement and industrial themes. Famous artists: Umberto Boccioni, Giacomo Balla, Carlo Carrà.

G

• Gothic Art: A style from the 12th–16th centuries, characterized by intricate designs, elongated figures, and religious themes, often found in cathedrals, stained glass, and illuminated manuscripts. Famous works: Chartres Cathedral, The Book of Hours.

H

• Hammer Price: The final price at which an item is sold during an auction, before the buyer’s premium is added.
• Historic Sales Data: Records of past auction results, often used to track the value trends of an artist’s works.

I

• Impressionism: A 19th-century movement focused on capturing the effects of light and atmosphere, often through loose brushwork and vibrant colors. Famous artists: Claude Monet, Edgar Degas, Pierre-Auguste Renoir.
• Installation Art: A three-dimensional, often site-specific art form designed to transform the perception of space. Famous artists: Yayoi Kusama, Olafur Eliasson, Christo and Jeanne-Claude.

J

K

L

• Limited Edition: A set number of identical prints or sculptures created under the artist’s supervision. These are numbered (e.g., 5/100) and often signed by the artist, making them more valuable than open editions. While most common in printmaking and sculpture, limited editions also exist in photography and select digital or mixed-media artworks.
• Literature: References to publications or catalogs where the artwork has been documented, analyzed, or mentioned. This can include exhibition catalogs, books, academic articles, and auction records that add to the provenance or historical significance of the piece.
• Lot: An individual item or group of items offered for sale at an auction.

M

• Market Trends: Patterns or shifts in the art market, such as rising interest in specific artists, movements, or mediums.
• Master: An artist of exceptional skill and renown, recognized as a leader during their time period and with lasting impact.
• Medieval Art: Encompasses art from the Middle Ages (5th–15th centuries), often religious in theme, including illuminated manuscripts, mosaics, and sculptures.
• Medium: The specific material or technique used by an artist to create a work of art, such as oil on canvas, acrylic, watercolor, sculpture, or digital art.
• Minimalism: A mid-20th-century movement focusing on simplicity, often reducing art to its most essential forms and materials, emphasizing space and repetition. Famous artists: Donald Judd, Agnes Martin, Dan Flavin.
• Modern Art: A broad movement from the late 19th to mid-20th century, characterized by experimentation and a break from traditional techniques. Famous artists: Henri Matisse, Pablo Picasso, Wassily Kandinsky.

N

• Naive Art: Art created by self-taught artists, characterized by simplicity and a lack of adherence to traditional perspective techniques. Famous artists: Henri Rousseau, Grandma Moses.
• Neo-Classicism: An 18th-century movement inspired by classical antiquity, emphasizing order, symmetry, and rationality. Famous artists: Jacques-Louis David, Jean-Auguste-Dominique Ingres.
• Neo-Impressionism: A late 19th-century extension of Impressionism, characterized by precise, pointillist techniques. Famous artists: Georges Seurat, Paul Signac.
• Notable Lots: Artworks or items from an auction that stand out due to their significance, rarity, high estimated value, or historical importance. These lots often attract significant attention from collectors and the press.

O

• Old Masters: Refers to European painters from the Renaissance to the 18th century, known for their mastery and influence. Famous artists: Leonardo da Vinci, Rembrandt, Michelangelo.
• Op Art (Optical Art): A 1960s movement focusing on creating optical illusions through precise geometric patterns and contrasting colors. Famous artists: Bridget Riley, Victor Vasarely.
• Open Edition: An artwork that has no set limit on the number of copies produced. Since there is no scarcity, open editions typically hold less value in the market compared to limited editions.
• Outsider Art (Art Brut): Art created by self-taught or marginalized artists outside the mainstream art world, often with raw or emotional expression. Famous artists: Jean Dubuffet, Henry Darger.
• Original: A unique, one-of-a-kind artwork created by the artist, typically by hand, using their chosen medium (e.g., painting, sculpture, drawing). Originals are generally the most valuable works due to their uniqueness.

P

• Performance Art: A live art form combining visual art, theater, and audience interaction, often emphasizing process over product. Famous artists: Marina Abramović, Allan Kaprow.
• Pop Art: A mid-20th-century movement celebrating popular culture and mass media, often using bold colors and commercial imagery. Famous artists: Andy Warhol, Roy Lichtenstein, Claes Oldenburg.
• Post-Auction Lots: Artworks or items that remain unsold after an auction. These lots are sometimes available for private sale directly through the auction house for a set period after the event.
• Post-Impressionism: A late 19th-century movement reacting against Impressionism, emphasizing structure, symbolism, and emotion. Famous artists: Vincent van Gogh, Paul Cézanne, Georges Seurat.
• Post-War Art: Art created in the aftermath of World War II, reflecting the cultural, social, and political changes of the time. Famous artists: Francis Bacon, Jackson Pollock, Lucian Freud.
• Pre-20th Century Japanese Art: Traditional Japanese art forms, including ukiyo-e prints, ink paintings, and decorative arts from the Edo and earlier periods. Famous artists: Katsushika Hokusai, Utagawa Hiroshige.
• Primary Market: The sale of artworks that are sold for the first time, typically directly from the artist through galleries, art fairs, or dealers. These works have not previously been owned or sold in the art market.
• Primitivism: A style inspired by the art of non-Western or prehistoric cultures, often emphasizing raw, simplified forms and rejecting academic conventions. Famous artists: Paul Gauguin, Amedeo Modigliani.
• Proof: A print made outside the standard edition, often for testing or as a collector’s item. While mainly used in printmaking, proofs also exist in sculpture (e.g., artist’s proofs in bronze) and photography as test prints. They do not apply to unique works like paintings or drawings. Types of proofs include:
  • Artist’s Proof (épreuve d'artiste or AP): A small number of prints (usually 10-15% of the total edition) reserved for the artist’s use, separate from the numbered edition. They may be identical to the edition prints or have slight variations.
  • Bon à Tirer (BAT): French for "ready to print" or "good to pull." This is the final proof approved by the artist, serving as the standard against which all edition prints are compared for quality and consistency.
  • Cancellation Print (CP): A print made from a plate, block, or screen after it has been intentionally defaced (e.g., scratched, slashed) to indicate the end of the edition.
  • Hors de Commerce (HC): Translates to "not for sale." These prints are marked as such and are typically used for exhibitions, promotional purposes, or given to collaborators. They are identical to the edition prints but not sold commercially.
  • Printer’s Proof (PP): Prints set aside for the printer who assisted in creating the edition. These are often considered part of the collaborative process and are not included in the numbered edition.
  • State Proof (SP): A print created at a specific stage of the artwork’s development, showing changes or evolutions in the design. Artists often use state proofs to document progress or creative exploration.
  • Trial Proof (TP): Prints made during the process of developing the artwork to test colors, composition, or techniques. These prints are often unique and precede the final edition.
• Proto-Renaissance: The transitional period in the 13th–14th centuries that laid the foundation for the Renaissance, blending Gothic and classical influences. Famous artists: Giotto di Bondone, Cimabue.
• Provenance: The history of ownership of an artwork, often used to verify its authenticity.

Q

R

• Realism: A movement in the 19th century that sought to depict subjects as they were, focusing on everyday life and often highlighting social issues. Famous artists: Gustave Courbet, Jean-François Millet.
• Realized Price: The final price at which an artwork is sold at auction, including any applicable buyer's premium or additional fees. This is the true amount paid by the buyer.
• Renaissance: A cultural movement from the 14th–17th centuries, emphasizing humanism, classical learning, and artistic mastery. Famous artists: Leonardo da Vinci, Michelangelo, Raphael.
• Replica: A reproduction of an artwork, typically created with the intent of closely mimicking the original, sometimes even by the artist or their workshop.
• Reproduction: A copy of an original artwork, often created using mechanical or digital printing techniques. Reproductions do not have the same value as originals and are typically mass-produced.
• Reserve Price: The minimum price that a seller is willing to accept for an item at auction.
• Retrospective: An exhibition showcasing an artist’s work over their entire career.
• Rococo: An 18th-century style characterized by ornate decoration, pastel colors, and light-hearted themes. Famous artists: François Boucher, Jean-Honoré Fragonard.
• Romanticism: A late 18th–early 19th-century movement focusing on emotion, nature, and individuality, often opposing industrialization. Famous artists: J.M.W. Turner, Caspar David Friedrich, Eugène Delacroix.

S

• Sales Records: A documented history of an artist's artworks sold at auction, providing insight into their market value and demand over time. This includes realized prices, dates of sales, and auction venues.
• Secondary Market: The resale market for artworks, often facilitated through auctions, galleries, or dealers.
• Signature: A mark or inscription made by the artist on a work of art, often indicating authenticity or serving as an identifying feature. This can include a handwritten signature, initials, or symbols specific to the artist.
• Similar Lot: An artwork or item that shares key characteristics with another lot, such as being by the same artist, from the same period, or created in a similar style or medium. These comparisons are often used to provide context for pricing and value.
• Sold Price: The total amount paid for an artwork at auction, including the hammer price and buyer’s premium.
• Street Art: Art created in public spaces, often incorporating graffiti, murals, and stencils, with social or political commentary. Famous artists: Banksy, Shepard Fairey, Jean-Michel Basquiat.
• Suprematism: A Russian abstract art movement from the early 20th century, focusing on basic geometric forms and pure abstraction. Famous artists: Kazimir Malevich, El Lissitzky.
• Surrealism: A 20th-century movement exploring the unconscious mind, dreams, and the irrational through fantastical imagery. Famous artists: Salvador Dalí, René Magritte, Max Ernst.
• Symbolism: A late 19th-century movement focusing on spiritual and symbolic themes, often using allegory and dream-like imagery. Famous artists: Gustave Moreau, Odilon Redon, Edvard Munch.

T

• Traditional Arts: Encompasses art forms passed down through generations, including folk art, crafts, and ceremonial objects, often tied to cultural heritage, such as Native American pottery or African masks.

U

• Unsold or Not Sold: A lot that failed to receive any bids or bids that passed the reserve.
• Upcoming Lots: Artworks scheduled for auction.

V

• Valuation: An estimation of an artwork’s current market value.
• Vorticism: A British avant-garde movement from the early 20th century that combined Cubism and Futurism, emphasizing dynamic, angular compositions. Famous artists: Wyndham Lewis, Edward Wadsworth.

W

• Withdrawn (Sale Outcome): A sale status indicating that an artwork was removed from an auction or sale listing before bidding began or concluded. This can occur due to legal, provenance, or ownership issues, or simply a change in the seller’s decision.

X

Y

Z