Auction: House

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

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

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

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 auction house