Glossary - Terms & Acronyms

Below a glossary of terms & acronyms, we use within Snoofa & the business in general. To assist in understanding & using the system.

You can click on the above letters to help get to a section quickly, if you know the first letter of the term you are looking up. Or alternatively scroll & discover as you go.

A

Admin

Auction House staff with Administration access to the Snoofa system.

Admin Module

The area of the Snoofa system that Admins use to perform all tasks such as Auction creation, Invoicing & Settlements. This is a login controlled area, for staff only & only those given access.

Anti Money Laundering (AML)

Regulations that some businesses & individuals must follow, for example those who exchange goods for cash of €10,000 & above.

Anti Money Laundering (AML-LTS)

This refers to the sum of all transactions a Client makes within a set time period. At time of writing, UK government had set restrictions on total spend or sell amounts, an individual can have within a 12 month period. If exceeded a Client should upgrade their certification level.

Artist Resale Rights (ARR)

The right to royalties for artists when their work is resold by a business such as an Auction House.

B

Blended Commission

Commission rate where different percentages can be charged & combined.  For example if the Hammer is £1000 & then rate of 10% charged on first £500 & 20% remaining £500. The combined Commission would be £50 + £100 (total Commission £150).

C

Client

The end Client, (Buyers & Vendors) also known as customers of the Auction House.

Client Zone

Logged in Account area where the end Client (Buyers & Vendors) can edit & operate their Account. Such as Bidding & getting Invoices.

Commission Rate (CR)

The payment, either Fixed or a Percentage, associated with the sale of an Item.

Consignment Agreement (CA)

Document listing Items a Client (Vendor) has given for sale, which includes Reserve prices. 

Convention on International Trade in Endangered Species (CITES)

Multilateral treaty to protect endangered plants & animals from the threats of international trade.

D

Digital Auctioneers Book (DAB)

These are the printable sheets with the coming Auctions Lots, on for the Auctioneer, & spaces for them to write down the Hammer & Buyer paddle. Also known as Auctioneers Sheets.

Digital Auction Room (DAR)

The name & acronym used within Snoofa for our live Auction software, used to run live sales, including the ability to stream sound & video, & accept live online Bidding via a Clerk screen.

Discretionary Reserve (DR)

An amount of leeway on an Items reserve, that the auctioneer can use if needed. 

Dynamic Commission

Commission rate where different percentages can be charged. Such as 10% up to a Hammer of £1000 & 15% above £1000. For example if the Hammer is £1500. The Commission would be £100 + £75 (total Commission of £175).

E

A Term

If you have a Snoofa related term you feel needs an explanation, please let us know.

F

Flat Fee Commission

This is where a fixed percentage, such as 20% of the Hammer is charged. For example, £20 fee if the Hammer was £100 & the fee 20%.

G

GBG

Partner Snoofa uses to check Clients AML compliance. 

H

Hammer Bound Rate

A percentage of the Hammer price, such as 20%. The rate can be varied within the Snoofa system.

Hammer Bound Table

A percentage of the Hammer price, such as 20%. But unlike the rate version, this allows "tables" of rates using Thresholds or Sliding Scales. For example the % charged changing according to the final Hammer price & different percentages on different amounts of the final Hammer.

Thresholds Hammer Bound Rate (above)

Sliding Scale Hammer Bound Rate (above)

I

Item

This is used (within Snoofa) to describe something that will potentially become a Lot within an Auction.

J

A Term

If you have a Snoofa related term you feel needs an explanation, please let us know.

K

A Term

If you have a Snoofa related term you feel needs an explanation, please let us know.

L

Live Auction

As is traditional, an auction taking place in real time with an Auctioneer overseeing the proceedings, this includes those streaming online live, where online Bidders can also join in. These Auctions usually have streaming live sound & often also streaming live video.

Loss & Damage Liability (LDL)

Insurance to cover Loss & Damage of Items.

M

Marketplace Categories (MPC)

Categories are the top of the hierarchy within the Marketplace, to assist bidders with finding Items. E.g., Watches is top of the hierarchy, above Pocket Watch and Wristwatches.

Marketplace Labels

These are to help bidders find Items on the Marketplace. When creating Categories within Snoofa, you also choose Labels, which will automatically populate new Items you create for listing.

N

A Term

If you have a Snoofa related term you feel needs an explanation, please let us know.

O

Online Auction

Any Auction that takes place online, regardless of type. Such as Timed, Live & Sealed.

P

Phone Bidder

A Client/Bidder who wishes to place Bids over the phone live, during a live Auction.

Phone Clerk

Staff member tasked with talking to phone Bidders and Bidding on their behalf during a live Auction.

Phone Lot Interest (PLI)

Name within Snoofa used to describe the document to show the Clerk or Auctioneer which Bidders would like to Bid over the phone & on which Lots. Also known as a Phone Bidding List or Sheet.

Pre-Settlement Message (PSM)

This is the message sent to Vendors informing them of the results for their Items/Lots.

Proof Of Address (POA)

The documents needed to help establish a Bidder/Client lives at the address they claim to.

Proof Of Identity (POI)

The documents needed to help establish a Bidder/Client as genuine & who they claim to be.

Q

Questionnaire

Form sent to Clients, that they can view within their account. Giving the ability to choose shipping & payment options, to save Admins time. 

R

Reoffer

When an Item/Lot is offered for Auction again, after it failed to sell.

S

Settlement Message (SM)

This is the message sent to Vendors informing them of Settlement.

Stripe

Payment platform used by Snoofa.

T

Tenant

Auctioneers, Galleries, etc, that use Snoofa.

U

A Term

If you have a Snoofa related term you feel needs an explanation, please let us know.

V

A Term

If you have a Snoofa related term you feel needs an explanation, please let us know.

W

Wave Threshold

An amount which below the Hammer rates/Charges will not be applied. They will be waved if the Threshold is not passed.

Web Module

The main web pages used by Clients & potential Clients. which includes made public Auctions & the Lots they contain. As well as the ability for Clients to Bid.

X

Xero

Online accounting software, that Snoofa integrates with.

Y

A Term

If you have a Snoofa related term you feel needs an explanation, please let us know.

Z

A Term

If you have a Snoofa related term you feel needs an explanation, please let us know.

You can click on the below letters to help get to a section quickly, if you know the first letter of the term you are looking up. Or alternatively scroll & discover as you go.