Several high-profile houses handle record-breaking sales of luxury goods and art:
The core function of an auction house is to act as an intermediary, facilitating the journey of an item from a seller to a new owner through market analysis and relationship building.
Experts evaluate "lots" (items for sale) to provide estimated values and set a Suggested Opening Bid (SOB) . auction house
Items are sourced from individuals, estates, or institutions looking to liquidate assets.
Many houses use the 10-minute rule or 3-minute rule , where a late bid resets the clock to prevent "sniping"—the practice of using software to bid at the last second. Many houses use the 10-minute rule or 3-minute
Founded in 1766, it manages departments ranging from Old Master Paintings to luxury watches. Sotheby's: A leader in art expertise and market insights. Phillips: Noted for contemporary art and photography. Bonhams: Specializes in antiques, fine art, and motor cars. Types of Items Sold
Common formats include ascending-bid (prices rise as people bid) and descending-bid (starting high and dropping until someone accepts). Phillips: Noted for contemporary art and photography
Houses typically charge a seller's commission and a buyer's premium (a percentage added to the hammer price). Major Global Auction Houses
