Auction House — Proven & Free

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

Experts evaluate "lots" (items for sale) to provide estimated values and set a Suggested Opening Bid (SOB) . auction house

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

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. auction house