An auction is essentially a public sale where items or properties are sold to the highest bidder. A wide array of goods can be auctioned, spanning categories like antiques, art, and automotive items, including vintage cars, motorcycles, and related accessories. Other popular auction items include clothing and accessories once owned by film and sports stars, movie scripts, and sports memorabilia. Jewelry auctions featuring intricately designed pieces and precious gemstones are also extremely popular.
Auction houses provide a venue for individuals to bid on items of interest. These houses typically operate on a calendar, with sales centered around specific themes. To participate, prospective bidders must register with the auction house, providing details such as their name, address, telephone number, and banking or credit information. Upon registration, bidders receive a unique Client Number. During the auction, bidders use a paddle, a numbered plastic card registered to them, to signal their bids. The auctioneer announces the paddle number of the winning bidder when each lot is sold. When the gavel falls, the auctioneer declares the “hammer price,” which is the final bid amount, excluding the buyer’s premium. The buyer’s premium is a separate fee paid by the buyer to the auction house, calculated as a percentage of the hammer price.
Sotheby’s and Christie’s stand as two of the most renowned auction houses globally. Samuel Baker founded Sotheby’s in 1744. Today, this premier auction house maintains branches on Manhattan’s York Avenue and London’s New Bond Street. The New York office was established in 1955. In 1964, Sotheby’s acquired Parke-Bernet, then the largest art auction house in America, significantly expanding Sotheby’s presence in the United States. James Christie founded Christie’s in the 18th century. Known for his charming personality, Christie’s clientele included members of the British royalty. Christie’s auctions encompass approximately 80 categories. Their salesrooms in America are located at Rockefeller Center in New York and North Camden Drive in Los Angeles.
In addition to traditional auction houses, online platforms have become increasingly popular for auctions. These websites allow individuals to list items for auction, invite bids, and specify the auction’s closing time, along with other terms and conditions. Typically, the seller specifies that shipping and other supply costs are the responsibility of the buyer.
Simply select the item you desire and prepare to bid!