Editing Auction (section)

==Economic significance==
[[File:East pediment G Parthenon BM.jpg|thumb|right|[[Artemis]], Ancient Greek marble sculpture. In 2007, a [[Roman art|Roman-era]] [[bronze sculpture]] of "[[Artemis and the Stag]]" was sold at [[Sotheby's]] in New York for [[United States dollar|US$]]28.6&nbsp;million, by far exceeding its estimates and at the time setting the new record as [[List of most expensive sculptures|the most expensive sculpture]] as well as work from antiquity ever sold at auction.<ref>{{Citation|title=Sotheby's Sets a New World Record for Sculpture at Auction|last=[[Sotheby's]]|date=2007-06-07|url=http://files.shareholder.com/downloads/BID/340155988x0x110223/36c23cb5-958d-4a86-b517-ea6f9d297127/110223.pdf|access-date=2008-06-20}}</ref><ref>{{Citation|last=New York Times|title=Artemis and Stag at Met Museum|date=2008-01-10|url=https://www.nytimes.com/2008/01/10/arts/10arts-ARTEMISANDST_BRF.html|access-date=2008-06-20|work=The New York Times}}</ref>]]

By increasing visibility of an item and therefore [[Supply and demand|demand]], auctions can make an extremely rare item more likely to sell for a higher price.<ref>{{cite journal |last1=Jehiel |first1=Philippe |last2=Moldovanu |first2=Benny |last3=Ottaviani |first3=Marco |last4=Propper |first4=Carol |title=An Economic Perspective on Auctions |journal=Economic Policy |date=2003 |volume=18 |issue=36 |pages=269–308 |doi=10.1111/1468-0327.00107 |jstor=1344658 }}</ref>

In 2008, the US [[National Auctioneers Association]] reported that the gross revenue of the auction industry for that year was approximately $268.4&nbsp;billion, with the fastest growing sectors being agricultural, machinery, equipment, and residential [[real estate]] auctions.<ref>{{cite web|title=Auction Industry Sees Growth in Real Estate|url=https://www.nar.realtor/rmodaily.nsf/0/8cc22f7f696e18308625756f00640207?OpenDocument|website=Realtor Mag|publisher=NAR|access-date=21 June 2017}}</ref>

The auctions with the largest revenue for the government are often [[spectrum auction]]s (typical revenue is estimated in billions of euros) and quota auctions. In 2019, Russia's crab quota was auctioned for €2&nbsp;billion.<ref>{{Cite journal|last1=Kalinin|first1=Nikita|last2=Vershinin|first2=Mark|date=2020-10-25|title=Strategic analysis of the Russian crab quota auction in 2019|url=|journal=Marine Policy|volume=122|language=en|page=104266|doi=10.1016/j.marpol.2020.104266|bibcode=2020MarPo.12204266K |s2cid=226354742|issn=0308-597X}}</ref> Between 1999 and 2002, the British government [[Sale of UK gold reserves, 1999–2002|auctioned off their gold reserves]], raising approximately $3.5&nbsp;billion.<ref name="telegraph">[https://www.telegraph.co.uk/finance/personalfinance/investing/gold/5296526/Gold-Does-Gordon-Browns-regret-selling-half-of-Britains-gold-reserves-10-years-ago.html Gold: Does Gordon Brown's regret selling half of Britains' gold reserves 10 years ago?, The Daily Telegraph, 8 May 2009]</ref>

The most expensive item to ever be sold in an auction is Leonardo da Vinci's ''[[Salvator Mundi (Leonardo)|Salvator Mundi]]'' in 2017 ($450.3 million).<ref>{{Cite web|date=2018-11-28|title=From the Priciest Painting to the Richest Wine Bottle, Here Are the Most Expensive Objects Ever Sold at Auction|url=https://news.artnet.com/market/most-expensive-objects-ever-sold-at-auction-1400011|access-date=2020-11-20|website=artnet News|language=en-US}}</ref>

In 2018, the yearly revenues of the two biggest auction houses were $5 billion ([[Christie's]]) and $4 billion ([[Sotheby's]]).<ref>{{Cite web|title=Leading auction houses worldwide in 2018 by fine art revenue|url=https://www.statista.com/statistics/272983/market-share-of-art-auction-revenue-and-lots-sold-by-auction-house/|access-date=2020-11-20|website=Statista|language=en}}</ref>