Auction House (2026)

Items are sourced from individuals, estates, or institutions looking to liquidate assets.

An is a specialized business or venue where goods and assets—ranging from fine art and collectibles to industrial commodities—are sold to the highest bidder through a public competitive process. While historic institutions like Christie's and Sotheby's dominate high-end art, modern auction houses operate across various sectors, including digital economies like World of Warcraft . How Auction Houses Operate auction house

Several high-profile houses handle record-breaking sales of luxury goods and art: Items are sourced from individuals, estates, or institutions

Experts evaluate "lots" (items for sale) to provide estimated values and set a Suggested Opening Bid (SOB) . Items are sourced from individuals

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).