Definition, Meaning & Synonyms
hammer-price
noun
/ˈhæmər praɪs/
Definition
The final price at which an item is sold at auction, determined by the auctioneer’s gavel striking the podium to indicate the end of bidding.
Examples
- The hammer price for the antique vase was far higher than anyone expected.
- After intense bidding, the hammer price was set at $10,000.
- Buyers often need to consider the buyer’s premium, which is added to the hammer price.
Meaning
In the context of auctions, the hammer price is the nominal amount that a bidder agrees to pay for an item, which may not include additional fees or commissions.
Synonyms
- final bid
- sale price
- auction price
