Auctions (Sotheby's, Christie's)

Auctions like Sotheby's and Christie's are competitive sales where valuable items—art, jewelry, collectibles—are sold to the highest bidder. Sellers consign their items, and potential buyers place bids, often competing in real-time, either in person, by phone, or online. The person offering the highest bid wins, and the item is sold for that price, minus a commission fee charged by the auction house. These auctions shape the market for rare and prestigious objects, often setting record prices and influencing trends in collecting and art investment.