Auction House Direct

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

Several high-profile houses handle record-breaking sales of luxury goods and art: auction house

Experts evaluate "lots" (items for sale) to provide estimated values and set a Suggested Opening Bid (SOB) . Founded in 1766, it manages departments ranging from

Houses typically charge a seller's commission and a buyer's premium (a percentage added to the hammer price). Major Global Auction Houses Bonhams: Specializes in antiques, fine art, and motor cars

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.

Items are sourced from individuals, estates, or institutions looking to liquidate assets.

Common formats include ascending-bid (prices rise as people bid) and descending-bid (starting high and dropping until someone accepts).