Auction Houses In recent years, auction houses have evolved from being exclusive places where the rich bought and sold their treasures to dynamic marketplaces whose growth has exploded. Almost anything can now be bought or sold at auctions, and everyone can use their services. How They Work A seller contacts an auction house and arranges for them to sell his property to the highest bidder. Sometimes the seller requires that there be a minimum bid for his property, and if this minimum is not met, the property doesn't sell. The buyer must pay for his purchase within a designated amount of time. The auction house takes a percentage of the selling price as its commission, ships the item to the buyer, and sends the rest of the proceeds to the seller. Art Auction Houses Art auction houses buy and sell fine art and other decorative objects to collectors. The two most well known and respected of these houses, Christie’s Auction House and Sotheby’s Auction House, both based in London, have offices around the world. They have expanded their services, opening art galleries, art storage facilities, and even providing art education classes. Butterfields Auction House, one of the oldest auction houses in the USA, was acquired by Bonham’s, of Great Britain, and together they have become the third largest auction house in the world. Koller Auction House, based in Zurich, has also added autograph, book, and wine auctions to their art sales, and opened a division that is geared toward affordable pieces and a younger audience. Waddingtons Auction House, in Toronto, even sells Inuit art. Specialty Auction Houses Auctions houses sell much more than art and fancy furnishings. Philatelic auction houses specialize in collectable stamps, wine auction houses sell both everyday and rare wines, and produce auction houses sell anything from a truckload to an armload of fruits and vegetables. - Julien’s is a Las Vegas auction house that specializes in entertainment memorabilia - Swann Auction House in New York City sells books - Tepper Auction House, in New York City, has branched out into estate sales and safety deposit box auctions. - Police and military auctions take place in most major cities, selling seized property and fleet vehicles. Cautions Before buying or selling in an auction, you should thoroughly understand the policies of the auction house you want to use. Know what you’re buying, how and when you are expected to pay or receive payment, and understand all fees and shipping policies. Be sure to use an auction house with a solid reputation. Auction houses provide a valuable service, reaching a wider market than is otherwise possible, finding buyers and sellers for practically everything. ********************
References (these should all be used to turn the references above into links, thus removing the need for a long list of resource/references. Bonhams and Butterfields: About Ushttp://www.bonhams.com/cgi-bin/wspd_cgi.sh/pubweb/publicSite.r?sContinent=USA&screen=AboutUs Christie’s: Julien’s Auctions: About Julien’s Auctionshttp://www.juliensauctions.com/about-juliens.html Koller Auctions: About Ushttp://www.kollerauktionen.ch/en/Ueber_uns/Koller_Auktionen.asp Sotheby’s: Corporate Information: Historyhttp://www.sothebys.com/about/corporate/as_corphistory.html Swann Galleries: Historyhttp://www.swanngalleries.com/history2.cgi Tepper Galleries: Serviceshttp://www.teppergalleries.com/cgi-bin/htmlos.cgi/002945.1.159021340958031919 Waddington’s: Who We Arehttp://www.waddingtons.ca/pages/home/index.php?c=about/mission.php Return from Auction Houses to Auction Know How - Homepage
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