Auction House
An organization that conducts art auctions
Auction House — a place where auctions of works of art, collectibles, rarities, and antiques are held. Its main role is to act as an intermediary between the seller and the buyer. The auction house conducts expert examination of lots, organizes exhibitions, and publishes special catalogs. The most famous ones: Sotheby's, Christie's, Phillips.
The commission is the house's earnings: a percentage of the transaction amount. The guarantee of trust is reputation and accurate authentication of the item. In the 19th century, famous auctions could feature entire collections under the guise of a 'secret owner,' adding intrigue, sometimes even funny cases when a supposedly 'lost' masterpiece put up for auction suddenly turned up among the bidders trying to buy back their own work! Trust, transparency, unique rarities — that's what auction houses are about.