The Hammer Price

The hammer price is the winning bid at an auction, representing the highest amount a buyer agrees to pay for an item. It’s called the “hammer price” because traditionally, the auctioneer signals the sale by striking a gavel or hammer. This price does not include additional costs like buyer’s premiums, taxes, or fees that may be added afterward. The hammer price is the core amount that determines the item's final sale value at the auction, serving as a key reference point for sellers and buyers alike.