An auction means a public sale of properties or objects that are sold to the highest bidder. There are a whole lot of things that can be put to auction. There are auctions that are held under various categories such as antiques and art, automotive that include vintage cars, motorcycles, accessories, etc. The other popular items include clothing and accessories of film stars and sports stars, scripts of movies, sports goods. The jewellery auctions selling intricately designed precious jewels and gem jewellery are extremely popular.

There are auction houses where you can go and bid for the things of your liking. The auction houses have a calendar holding the sale on a particular theme. You need to submit details such as name, address, telephone number and banking or credit information as is specified by the salesroom where you are going to bid. A unique number, known as the Client Number, is going to be allotted to you. A paddle is a plastic card bearing a number that is registered at the auction. The paddle is raised to bid and the auctioneer calls out the paddle number of the successful bidder at the time of selling each lot. When the gavel falls the auctioneer announces the hammer price. The hammer price is the final bid price, which does not include a buyer's premium. The buyer's premium is the money that is paid separately by the buyer to the auction house. It is a percentage of the final bid price.

Sotheby's and Christies are two very famous auction houses. Samuel Baker founded Sotheby's in the year 1744. However, today this premier auction house has branches on the Manhattan's York Avenue and New Bond Street, London. The New York office was opened in the year 1955. In the year 1964 Sotheby's acquired the Parke-Bernet, which was the largest art auction house of America. This acquisition helped Sotheby's gain a sizable presence across America. James Christie founded Christies in the 18th century. A man having very charming demeanor, James Christie's clientele included the British royalty as well. The auctions of Christies include some 80 categories. Their sales rooms in America are at the Rockefeller Center, New York and North Camden Drive, Los Angeles.

Auctions these days are not just limited to the auction houses. There are lots of websites that are into the business of auctioning. You can list the products you want to auction and invite bidders. You can specify the time when the bid closes as well as other terms and conditions. You need to specify that shipping and the other supply costs are to be borne by the buyer.