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
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 bid) and descending-bid (starting high and dropping until someone accepts).
Experts evaluate "lots" (items for sale) to provide estimated values and set a Suggested Opening Bid (SOB) .
Items are sourced from individuals, estates, or institutions looking to liquidate assets.
