An Auction is a sale where artworks go to the highest bidder. It’s run by an auction house. Collectors and dealers bid to buy art.
Auctions help set prices and show what’s trending in the art market. They’re key for selling art with a rich history or high value.
An auction is a very public way of buying and selling, often for pieces that have already been owned before. When a piece goes up for sale, bidders raise their hands (or click online) to offer more and more money until no one bids higher. That final price is called the hammer price. It’s a big moment in the art market, especially for famous pieces or those with important provenance, and it’s a way for collectors to find both unique fine art and potential investments.
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