How does an auction work step by step, and how do I bid?

An auction starts from an estimate and an opening price; bidding moves upwards and, until the hammer falls, anyone can join in. If the hidden reserve is not met, the work goes unsold (a buy-in). Before you raise your paddle for the first time, set yourself a bidding limit — your personal ceiling — and remember to include the buyer's premium in it. You can also bid remotely these days, entering your limit in advance so that the system bids only up to your figure.