Is there a minimum bid required to participate in auctions?

Sotheby's typically establishes a minimum bid or starting price for each auction item, which can vary depending on the specific lot and the overall value of the item. The minimum bid is set to ensure that the auction engages serious buyers while also reflecting the value of the artwork, antiques, or real estate being offered. It is important for potential bidders to review the auction details specific to the items they are interested in, as each auction may have different requirements. The auction catalog, available on Sotheby’s website, usually includes crucial information regarding starting prices, bidding increments, and any other relevant details for participants. Therefore, for anyone considering participating in an auction, examining the current auction page can provide clarity regarding minimum bid requirements and additional guidelines.