Several high-profile houses handle record-breaking sales of luxury goods and art:
Houses typically charge a seller's commission and a buyer's premium (a percentage added to the hammer price). Major Global Auction Houses auction house
Experts evaluate "lots" (items for sale) to provide estimated values and set a Suggested Opening Bid (SOB) . 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