Auction House -

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

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

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. Common formats include ascending-bid (prices rise as people

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