An auction house is a business that facilitates the buying and selling of items through a bidding process. People can bring items like art, antiques, or collectibles to be sold to the highest bidder. Auction houses often hold events where potential buyers can inspect items before placing their bids. These establishments typically charge a commission on the final sale price, which is paid by both the seller and the buyer. Well-known auction houses, such as Sotheby's and Christie's, have a global reputation for handling high-value items and attracting collectors from around the world.