An auction is a public sale where items are sold to the highest bidder. A wide array of goods can be auctioned, categorized into areas like antiques, art, automotive items including vintage cars and motorcycles, and memorabilia such as clothing and accessories from film and sports stars, movie scripts, and sports equipment. Jewelry auctions, particularly those featuring intricately designed precious jewels, are also very popular.
Auction houses provide a venue for bidding on desired items. These houses typically maintain a calendar of sales based on specific themes. To participate, prospective bidders must submit details such as their name, address, telephone number, and banking or credit information, as required by the salesroom. Upon registration, each bidder receives a unique Client Number. A paddle, a plastic card bearing a number, is used to bid. Bidders raise their paddles, and the auctioneer announces the paddle number of the winning bidder when each lot is sold. The ‘hammer price,’ announced when the gavel falls, represents the final bid price, 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 final bid price.
Sotheby’s, founded in 1744 by Samuel Baker, and Christie’s, founded in the 18th century by James Christie, are two renowned auction houses. Sotheby’s now operates branches on Manhattan’s York Avenue and London’s New Bond Street. The New York office opened in 1955. In 1964, Sotheby’s acquired Parke-Bernet, then the largest art auction house in America, significantly expanding its presence in the United States. James Christie, known for his charming demeanor, counted British royalty among his clientele. Christie’s auctions encompass approximately 80 categories. Their American salesrooms are located at Rockefeller Center in New York and North Camden Drive in Los Angeles.
Today, auctions extend beyond traditional auction houses to online platforms. These websites allow individuals to list items for auction and invite bids, specifying the closing time and other terms and conditions. Sellers typically stipulate that shipping and other supply costs are the responsibility of the buyer.
To participate in an online auction, simply click on the item of your choice and begin bidding.