auction house
Quick Summary
An auction house is a business that conducts auctions, which are sales where property is sold to the highest bidder through open public bidding. This process can involve a succession of increasing bids until the highest bid is accepted, or in a Dutch auction, prices are successively lowered until an offer is accepted.12
Prospective buyers typically inspect items beforehand to determine their value. Sellers can set a minimum price, known as a reserve, below which the property will not be sold. Auctions are a significant method for selling various goods, from agricultural products to real estate, and have been transformed by the advent of internet auctions like eBay. Economists like Paul Milgrom have also developed theoretical contributions and new auction formats for complex goods and services, such as radio frequencies and airport landing slots.23
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art marketThe rise of LondonJames Christie founded his auction house in 1766, and while he started out in the same part of London as Samuel Baker, he soon moved his business to the more aristocratic West End. There he gained a reputation as an auctioneer of fine arts. Christie handled the greatest country…
Read MoreJames Christie founded his auction house in 1766, and while he started out in the same part of London as Samuel Baker, he soon moved his business to the more aristocratic West End. There he gained a reputation as an auctioneer of fine arts. Christie handled the greatest country…
Read More- art marketThe French Revolution and the Napoleonic Wars
…of these collections—a boon for auction houses. For instance, James Christie and John Sotheby profited greatly from the French Revolution, which effectively destroyed Paris’s position as the leader of the European art market and flooded the London market. Perhaps the most notable of the collections liquidated as a result of…
Read More…of these collections—a boon for auction houses. For instance, James Christie and John Sotheby profited greatly from the French Revolution, which effectively destroyed Paris’s position as the leader of the European art market and flooded the London market. Perhaps the most notable of the collections liquidated as a result of…
Read More - art marketThe growth of the auction market
The first art auction house in the United States, the American Art Association, opened in 1883, but auctioneering business was slow to develop there.
Read MoreThe first art auction house in the United States, the American Art Association, opened in 1883, but auctioneering business was slow to develop there.
Read More - art marketLondon
…power began to shift toward auction houses, most notably Sotheby’s and Christie’s, just before the First World War. Until that time Sotheby’s had largely confined itself to book auctioneering; there was an unwritten agreement that if a literary property came on the market it went to Sotheby’s, while pictures and…
Read More…power began to shift toward auction houses, most notably Sotheby’s and Christie’s, just before the First World War. Until that time Sotheby’s had largely confined itself to book auctioneering; there was an unwritten agreement that if a literary property came on the market it went to Sotheby’s, while pictures and…
Read More - art marketThe internationalization of the European auction houses
The European art market was slow to recover after the Second World War and remained largely dominated by dealers for some time. In 1956 Peter Wilson of Sotheby’s challenged the status quo by offering a guarantee of sale to the vendor of Nicolas…
Read MoreThe European art market was slow to recover after the Second World War and remained largely dominated by dealers for some time. In 1956 Peter Wilson of Sotheby’s challenged the status quo by offering a guarantee of sale to the vendor of Nicolas…
Read More - art marketEast Asia
…and by the development of auction houses in cities such as Beijing that allowed buyers and their agents to deal more directly with sellers.
Read More…and by the development of auction houses in cities such as Beijing that allowed buyers and their agents to deal more directly with sellers.
Read More - art marketArt as investment
…with the incursions of the auction houses into the retail market. This led to profound changes for some of London’s most venerable galleries. In 1992 Arthur Ackermann (established 1783) merged with Oscar and Peter Johnson. Christie’s purchased Spink and Son (established 1666) in 1993, merged it with Leger Gallery in…
Read More…with the incursions of the auction houses into the retail market. This led to profound changes for some of London’s most venerable galleries. In 1992 Arthur Ackermann (established 1783) merged with Oscar and Peter Johnson. Christie’s purchased Spink and Son (established 1666) in 1993, merged it with Leger Gallery in…
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