Auction Houses - An Overview

1. Christie’s It is a fine art auction house and is one of the most popular and the oldest amongst all. It was founded by James Christie in the year 1766. Soon after French Revelation, when London became the centre of international fine art, Christie became the hub of fine art. Some of the most notable auctions conducted by Christie’s are the auction of artworks of Pablo Picasso, Princess of Wales Lady Diana, Marilyn Monroe, Leonardo Da Vinci, Napoleon Bonaparte, Vincent van Gough.

2. Sotheby’s It is the second oldest international auction house, yet it is functioning actively. Situated in London, this auction house was founded by Baker on 11 March 1744. One of its most notable auctions was the sale of Frans Hals painting in 1913. Sotheby’s has its offices in Manhattan as well. Sotheby’s and Christie’s auction houses are intense rivals.

3. Bonham’s It is the third largest auction house after Sotheby’s and Christie’s. It conducts about 700 auctions every year. It operates in the US as well but under a different name.

4. Lyon & Turnbull Scotland based auction house, Lyon & Turnbull is privately owned. This auction house has offices in Edinburgh, London, Glasgow, and New York. It is the largest auction house outside the United Kingdom.

5. Phillips de Pury & Company This auction house has its offices in New York, London, Brussels, Munich, Milan, Paris and Los Angeles. Harry Phillips founded this auction house in the year 1796 in London. The most distinguished auctions of this firm are the sale of artwork of Marie Antoinette, Beau Brummel and Napoleon. This firm was the first and the only one to conduct an auction inside the Buckingham Palace.

Other notable auction houses are MarkNet Alliance, Auman auctions, Emirates Auction, Dorotheum.

By Nikola Jankovic | This article was posted on 2007-07-03 00:53:45

About The Author:

Written by Nikola Jankovic. Find top house auctions on http://www.house-auction.net/

Definition:

An auction is the process of buying and selling things by offering them up for bid, taking bids, and then selling the item to the highest bidder. Auctioning can be traced as far back as 500 B.C. In economic theory, an auction is a method for determining the value of a commodity that has an undetermined or variable price. Auctions can be with reserve or minimum, or without minimums, or absolute or no reserve. In reserve auctions, there is a minimum bid or reserve price; if the bidding does not reach the minimum, there is no sale (but the person who puts the item up for auction may still owe a fee to the auctioneer or auction company). In absolute or no reserve auctions, the sale is guaranteed, with only the price left to be determined. In the context of auctions, a bid is an offered price.

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