Many houses use the 10-minute rule or 3-minute rule , where a late bid resets the clock to prevent "sniping"—the practice of using software to bid at the last second.
Items are sourced from individuals, estates, or institutions looking to liquidate assets. auction house
Experts evaluate "lots" (items for sale) to provide estimated values and set a Suggested Opening Bid (SOB) . Many houses use the 10-minute rule or 3-minute